June 30, 2014 / 7:06 AM / in 3 years

Australia's Ansell to shut local condom, US gloves units

SYDNEY, June 30 (Reuters) - 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 said.

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)

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