Ansell Limited has announced the closing of its sexual wellness business to Humanwell Healthcare (Group) Co., Ltd. and CITIC Capital China Partners III, L.P. (the Buyer Consortium) for US$600 million (A$754 million).
The sale comes as part of the plan to shift the focus on the manufacturing of gloves and other protective gear for the manufacturing and health sectors.
Ansell has mentioned in their press release that all pre-completion conditions and regulatory approvals have been satisfied globally and sale proceeds received, with the exception of some pre-completion conditions relating to Ansell’s Brazilian condom business, Blowtex.
Despite the conditions being met, Ansell and the Buyer Consortium anticipated the need for additional time to conclude the sale of Blowtex and as agreed, so US$10 million of the sale proceeds will remain in escrow until the Brazilian completion conditions are satisfied, which is expected to occur by end of September 2017.
As previously announced the net after-tax cash proceeds to Ansell are expected to be US$529 million and the company also expects to realise a net profit after tax in the order of US$365 million subject to closing entries.
The sale represents the successful conclusion to the portfolio review announced in August 2016 with regards to the Sexual Wellness business and is now being followed up by the recently announced Sharper Focus Transformation program and US$265 million share buy-back.
In addition to this announcement Ansell also announced it has reached agreement with Raymond Limited, its joint venture partner in J. K. Ansell Private Limited in India, to restructure the Indian joint venture such that Raymond will take full ownership of the J. K. condom business including the Kama Sutra brand, while Ansell will have full ownership of the Indian medical business which sells medical gloves and hospital safety solutions in a separate legal entity.
The sale will result in a net payment to Ansell of approximately US$1 million. Closing is expected to be in the second half of the 2018 financial year.
Source: Manufacturer’s Monthly
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?