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市場調査レポート

近年のM&A活動とそのPPE (個人防護具) への影響

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

発行 Frost & Sullivan 商品コード 625878
出版日 ページ情報 英文 80 Pages
納期: 即日から翌営業日
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近年のM&A活動とそのPPE (個人防護具) への影響 Recent M&A Activities and Its Impact on the PPE Market
出版日: 2018年04月02日 ページ情報: 英文 80 Pages
概要

当レポートでは、PPE (個人防護具) 市場における近年のM&A活動について調査しており、PPE市場の概要、市場成長の促進因子・抑制因子、成長機会、主なM&A動向、および主要なケーススタディについてまとめています。

エグゼクティブサマリー

PPE市場概要

注目の取引

用語・略語

M&Aの論拠

促進因子・抑制因子

  • 主な促進因子
  • 促進因子の説明
  • 主な抑制因子
  • 抑制因子の説明

成長機会・CTA (行動喚起)

  • PPEエコシステムにおける転換
  • 成長機会1:エンドユーザー認識の高まり
  • 成長機会2:安全性の重視
  • 成長機会3:強力な製品ポートフォリオを持つ企業の獲得
  • 成長機会4:規制環境の発展
  • 成功・成長の戦略的必須条件

主なM&A動向

注目取引のプロファイル - ケーススタディ1:3M

注目取引のプロファイル - ケーススタディ2:VF Corporation

注目取引のプロファイル - ケーススタディ3:Delta Plus

注目取引のプロファイル - ケーススタディ4:Bunzl

注目取引のプロファイル - ケーススタディ5:Fortive Corporation

注目取引のプロファイル - ケーススタディ6:MSA

注目取引のプロファイル - ケーススタディ7:Ansell

結論

付録

目次
Product Code: 9AB6/16

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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