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Ansell announces $100 million restructuring following sale of condoms business

Published 20/07/2017, 00:19
© Reuters.  Ansell announces $100 million restructuring following sale of condoms business

(Reuters) - Rubber products maker Ansell Ltd (AX:ANN) announced writedowns and restructuring on Thursday following the sale of its flagship condoms business two months ago.

Ansell said it will spend US$70 million to $100 million (76.76 million pounds) over three years to reorganise its supply chain, merge its single-use and medical divisions into a "healthcare" unit and find other cost savings.

It also announced non-cash asset write downs of $20 million to $30 million related to the closure of some "smaller, less efficient" production lines.

Ansell in May sold its oldest division, which produced condoms, for $600 million to China's Humanwell Healthcare Group Co Ltd (SS:600079) and CITIC Capital China Partners LP.

($1 = 1.2566 Australian dollars)

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