SYDNEY, June 30 Australian rubber products firm
Ansell Ltd said it will relocate its condom unit
offshore, exit a U.S. military gloves operation and shut down a
Malaysian manufacturing plant, cutting 250 jobs and leading to a
one-off charge of $124.7 million.
The Melbourne-based company will also eliminate 30 "older
non-core brands", 100 products and 20 legal entities by the end
of the 2014-15 financial year, it said in a statement to the
Australian Securities Exchange on Monday.
The condom unit will "remain unchanged with the exception of
a leadership transition over the next few months that will
relocate the Sexual Wellness global headquarters out of
Australia to a location closer to core international growth
markets," the company said.
The cost of restructuring will not affect dividends for the
2013-14 financial year and the restructuring will bring annual
savings of up to $22 million in 2015-16 when complete, Ansell
Ansell shares closed down 0.85 percent at A$19.83 ($18.64),
before it announced the restructuring.
($1 = 1.0636 Australian Dollars)
(Reporting by Byron Kaye; Editing by Christopher Cushing)