Ansell Limited Divesting sexual wellness business
Divesting sexual wellness business: Ansell Limited (ASX: ANN) stock surged over 4.3% on May 25, 2017 as the group is divesting their Sexual Wellness (SW) business including condom, lubricant and devices business and manufacturing sites, except their Medical and SW joint venture in India. This business reported a revenue of $190 million in FY16 while EBITDA reached $38 million. The group is still discussing with their Indian partner over the potential of the J K Ansell joint venture. Ansell is continuing ownership of its polyisoprene intellectual property and offering a fully paid-up license to the Buyer Consortium for use in SW. The group expects the net after-tax cash proceeds of over US$529m, and is forecasting to realize a net profit after tax of US$365m, which would be recorded in FY18. The group also announced for an on-market share buy-back program for up to 10% of the company’s issued capital.
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