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최근 M&A 활동과 개인보호장비(PPE)에 대한 영향

Recent M&A Activities and Its Impact on the PPE Market

리서치사 Frost & Sullivan
발행일 2018년 04월 상품 코드 625878
페이지 정보 영문 80 Pages
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최근 M&A 활동과 개인보호장비(PPE)에 대한 영향 Recent M&A Activities and Its Impact on the PPE Market
발행일 : 2018년 04월 페이지 정보 : 영문 80 Pages

PPE(개인보호장비) 시장의 최근 M&A 활동에 대해 조사했으며, PPE 시장의 개요, 시장 성장 촉진요인·억제요인, 성장 기회, 주요 M&A 동향 및 주요 사례 연구에 대해 정리하여 전해드립니다.

1. 개요

2. PPE 시장 개요

3. 주목 거래

4. 용어·약어

5. M&A의 논거

6. 촉진요인·억제요인

  • 주요 촉진요인
  • 촉진요인 설명
  • 주요 억제요인
  • 억제요인 설명

7. 성장 기회·CTA(Companies to Action)

  • PPE 에코시스템의 전환
  • 성장 기회 1 : 최종사용자 인식의 향상
  • 성장 기회 2 : 안전성 중시
  • 성장 기회 3 : 강력한 제품 포트폴리오를 가진 기업의 획득
  • 성장 기회 4 : 규제 환경의 발전
  • 성공·성장의 전략적 필수조건

8. 주요 M&A 동향

9. 주목 거래 개요 - 사례 연구 1 : 3M

10. 주목 거래 개요 - 사례 연구 2 : VF Corporation

11. 주목 거래 개요 - 사례 연구 3 : Delta Plus

12. 주목 거래 개요 - 사례 연구 4 : Bunzl

13. 주목 거래 개요 - 사례 연구 5 : Fortive Corporation

14. 주목 거래 개요 - 사례 연구 6 : MSA

15. 주목 거래 개요 - 사례 연구 7 : Ansell

16. 결론

17. 부록

KSA 18.04.23

Complementary Product Portfolio Expansion Fueling M&A Activities

The overall outlook for M&A activity continues to be positive as private equity investment in the space continues to grow at a healthy rate. The industry continues to be fragmented, which in turn provides an incentive to companies to consolidate. Additionally, companies are looking to become one-stop shop providers of PPE. Innovation continues to be incremental rather than groundbreaking. Acquisitions are unlikely to be driven by the need to acquire a new technology as the market is still in its acceptance of smart PPE. Product segments are in different stages of the maturity curve. For example, in Western Europe, gas detection, respiratory protection, industrial protective clothing, and fall protection are further along the maturity curve driving the need for further consolidation. Notable transactions in this period included 3M's acquisition of Scott Safety, Bunzl's acquisition of Tillman, MSA's acquisition of Globe Manufacturing, and Ansell's acquisition of Nitritex Limited. These acquisitions were mainly driven by the need to address gaps in the safety portfolio. Other factors that are likely to drive acquisitions are the need for geographic expansion. The regulatory framework is robust in North America, which has resulted in the emergence of a number of small PPE companies focused on niche areas. Additionally, there is expected to be further consolidation as the market continues to be very fragmented. In Europe, falling margins are expected to drive M&A activities. Companies are likely to spin off businesses that do not align with their overall growth strategy. Ansell's acquisition of Nitritex Limited was driven by the need to integrate a high-margin business into the product portfolio.

Additionally, end-users awareness of safety requirements is increasing in a number of end-user industries such as construction, manufacturing, and oil & gas. For example, awareness of height-safety training has been increasing. This has prompted MSA's acquisition of Latchways Fall Protection. Other reasons that drive acquisitions include the need for strengthening presence in a number of end-user verticals. For example, Bunzl's acquisition of Tillman was prompted by the need to strengthen the business in welding gloves and leather protective garments.

Going forward, there is unlikely to be any slowdown in committed acquisition spending, as market participants continue to expand product portfolios as well as their geographic presence. It is also important that certain regions such as south-western European countries and Iberia are expected to offer key growth opportunities. The overall compliance landscape is also expected to change. For example, rising employee awareness about liabilities is expected to boost compliance rates. This, in turn, is expected to boost demand for PPE. Manufacturers may acquire other companies to boost their product portfolios to meet surging demand.

To sum up, acquisitions are likely to be driven by the following factors, namely (a) falling margins, (b) search for growth and yield, (c) deployment of unspent capital, (d) expanding range of products, and (e) access to specific markets.

Table of Contents

1. RECENT M&A ACTIVITIES AND ITS IMPACT ON THE PPE MARKET

Executive Summary

  • Key Findings
  • Key Findings (continued)

PPE Market Overview

  • Introduction
  • Research Scope
  • Key Questions This Study Will Answer

Notable Transactions

  • Notable Transactions
  • Notable Transactions (continued)
  • Notable Transactions (continued)
  • Notable Transactions (continued)
  • Notable Transactions (continued)

Key Terms and Abbreviations

  • Key Terms and Abbreviations

Rationale for M&A

  • Rationale for M&As in the PPE Market
  • Rationale for M&As in the PPE Market (continued)

Drivers and Restraints

  • Key Drivers
  • Drivers Explained
  • Drivers Explained (continued)
  • Key Restraints
  • Restraints Explained

Growth Opportunities and Companies to Action

  • Transformation in the PPE Ecosystem
  • Growth Opportunity 1-Growing End-user Awareness
  • Growth Opportunity 2-Focus on Safety
  • Growth Opportunity 3-Acquiring Companies with Strong Product Portfolios
  • Growth Opportunity 4-Evolving Regulatory Environment
  • Strategic Imperatives for Success and Growth

Key M&A Trends

  • Key M&A Trends
  • Key M&A Trends (continued)

Profile of Notable Transactions-Case Study 1: 3M

  • 3M Acquires Scott Safety
  • 3M Acquires Scott Safety (continued)
  • 3M Acquires Capital Safety
  • 3M Acquires Capital Safety (continued)

Profile of Notable Transactions-Case Study 2: VF Corporation

  • VF Corporation Acquires Williamson-Dickie Mfg. Co.
  • VF Corporation Acquires Williamson-Dickie Mfg. Co. (continued)

Profile of Notable Transactions-Case Study 3: Delta Plus

  • Delta Plus Acquires Elvex
  • Delta Plus Strengthens Its Positioning in North America

Profile of Notable Transactions-Case Study 4: Bunzl

  • Bunzl Acquisitions
  • Bunzl Acquired ML Kishigo and Neri
  • Bunzl Acquired Prorisk and GM Equipment for Expansion of Product Portfolio
  • Bunzl Acquired Cordova Safety Products and Tillman for Extension of Safety Business
  • Bunzl Acquired Companies in Latin America
  • Bunzl on an Acquisition Spree
  • Bunzl PPE Revenue Trajectory

Profile of Notable Transactions-Case Study 5: Fortive Corporation

  • Fortive Corporation Acquires Industrial Scientific
  • Fortive Corporation Acquires Industrial Scientific (continued)

Profile of Notable Transactions-Case Study 6: MSA

  • MSA Acquires Globe Manufacturing and Latchways Ltd
  • MSA Acquires Globe Manufacturing and Latchways Fall Protection

Profile of Notable Transactions-Case Study 7: Ansell

  • Ansell Acquires Nitritex Limited and Microgard
  • Ansell Acquires Nitritex Limited and Microgard (continued)

The Last Word

  • The Last Word
  • Legal Disclaimer

Appendix

  • List of Exhibits

The Frost & Sullivan Story

  • The Frost & Sullivan Story
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