Ansell, a provider of health and safety protection solutions, has purchased a minority share of Yulex, a manufacturer of bio-based elastomer products derived from guayule.
The companies also entered into an exclusive agreement to develop, manufacture and distribute medical gloves, personal protective equipment gloves and condoms made of guayule latex.
The investment will not have any material impact on Ansell's earnings per share in 2012 and 2013, the company said.
Guayule (parthenium argentatum) is a commercial crop that is used for latex production on a commercial scale.
Ansell CEO Magnus Nicolin said the transaction will help the company to accelerate the development of new innovative products while reducing its usage of rubber tree latex.
Yulex Corporation CEO Jeff Martin said the collaboration will accelerate the acceptance of guayule natural rubber as a US bio-based alternative for natural rubber and petroleum-based rubber products.
''We are committed to developing 'green' renewable technologies for consumer and healthcare markets," Martin added.