April 8 (Reuters) - Australian glove maker Ansell Ltd ( ANSLF )

said on Monday it will buy the personal protective

equipment unit of U.S.-based Kimberly-Clark ( KMB ) for $640

million, and expects to complete the acquisition in the first

quarter of financial year 2025.

Acquisition will be funded by a A$400 million fully

underwritten institutional placement and a new $377 million

bridge facility, Ansell ( ANSLF ) said in a statement.

The personal protective equipment division of Kleenex tissue

maker Kimberly-Clark ( KMB ) is engaged in creating and retailing

specialized safety goods such as gloves, protective clothing,

and safety eye-wear.

"With this acquisition we are enhancing our sales of

specialist products designed for clean room applications, while

also widening our portfolio of products sold into Scientific

verticals," Ansell Managing Director and CEO Neil Salmon said.

Under the deal, Ansell ( ANSLF ) and Kimberley-Clark (K-C) will

enter a transitional services arrangement whereby K-C will offer

a range of business support services to Ansell's ( ANSLF ) customers,

suppliers, and employees within a maximum 12-month period.

Ansell ( ANSLF ) said it expects around $10 million per annum

run-rate net cost synergies to be achieved by the third full

year of ownership.