Sector News

Ansell to book restructure charge

June 29, 2015
Energy & Chemical Value Chain
Ansell has said it will make a number of limited operational changes to  the company in a bid to offset adverse currency movements and the effects of continued economic uncertainty in some developed and emerging markets.
 
The company said today it will close a number of underutilised office and warehouses and transfer a number of back room roles in supply chain and finance to shared service centres at lower cost locations.
 
Ansell flagged changes to its product lines and sales force, saying there will be a cost reduction and rationalisation to improve performance of certain non-core product lines and a limited realignment of its sales force to improve its ability to partner with key distributors.
 
While the changes will deliver will an annualised pre-tax saving of $15m from fiscal 2017, the restructure will see Ansell book a one-off charge worth $17m, or $12.7m after tax, this financial year. The group said $12.5m is cash-based, while $4.5m was non-cash.
 
Ansell said the charge will be excluded from its full-year results, along with the gain of around $17.7m from the previously announced sale of its Shah Alam property.
 
Ansell shares dipped 2.19 per cent $23.72 by 1pm (AEST) against a benchmark index fall of 2 per cent.
 
By Michael Roddan
 

comments closed

Related News

March 24, 2024

Thomas Gangl leaves Borealis

Energy & Chemical Value Chain

Appointed Borealis CEO in 2021, Thomas has led key initiatives including the sale of the nitrogen business, acquisitions of Rialti Spa and Integra Plastics AD, and Borouge’s IPO. He also made the final investment decision for the Borouge 4 plant, set to be the world’s largest polyolefin complex.

March 24, 2024

Chemours names Dignam permanent CEO

Energy & Chemical Value Chain

The Chemours Co. today named interim CEO Denise Dignam as the company’s permanent CEO and president, as well as a member of the board of directors, effective immediately. Dignam has been interim CEO since late February, when former CEO Mark Newman was placed on leave due to an internal investigation.

March 24, 2024

Neste merges three business lines into new Renewable Products unit

Energy & Chemical Value Chain

Neste Corp. (Espoo, Finland) has completed its organizational change process, announced on 1 November 2023. Neste informed that it will merge its three renewable business units into one Renewable Products business unit as well as restructure its functions to better support business-driven ways of working.

How can we help you?

We're easy to reach