Ansell finishes sale of sexual wellness business

MEDICAL and other protective gloves maker Ansell says it has completed the $US600 million ($754 million) sale of its sexual wellness business, other than the Brazilian condom operations, to a Chinese consortium.

Ansell yesterday said that because additional time was needed to conclude the sale of the Blowtex business in Brazil due to some pre-completion conditions, $US10 million of the sale proceeds would remain in escrow until the conditions are satisfied.

That was expected to occur by the end of the month, Ansell said in a statement to the share market.

The company expects to collect after-tax cash proceeds of $665 million and realise a post-tax profit of $459 million on the transaction, which will be recorded in its 2017-18 accounts. Ansell also said it had reached an agreement with its joint venture partner in India under which Ansell would take full ownership of the collective’s Indian medical business.

Ansell shares yesterday fell 1 per cent to $21.50.