StockMarketWire.com - Military equipment supplier Avon Rubber said it had agreed to acquire helmet group Team Wendy for $130m.

Team Wendy supplied helmets and helmet liner and retention systems for military and first responder markets.

Avon Rubber said the deal would give it an 'enhanced and broader product portfolio with stronger capabilities and routes to market.'

The acquisition would be put to a shareholder vote on 11 September, and was expected to complete in the first quarter of the group's 2021 financial year.

Avon Rubber also provided an update on currency performance, saying it remained 'confident' of achieving its current year expectations.

The Milkrite, InterPuls sale, as announced on 2 July, was expected to take place in the first quarter of the group's financial year.

'Full year cash conversion is expected to return to normalised levels, following receipt of the delayed payment relating to the rest of world mask contract highlighted in our half year results announcement, Avon Rubber said.

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