| Bond to Infiltrate the Chinese Rubber Trade [message #225040] |
Fr, 17 Februar 2006 07:20 |
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http://www.theage.com.au/news/business/james-bond-to-sell-co ndoms/2006/02/1=
5/1139890806128.html
James Bond to sell condoms
By Ian Porter
February 16, 2006
GLOBAL rubber products group Ansell has turned to one of the world's
can-do men in its quest to crack the Chinese condom market - James
Bond.
Ansell has paid $US18 million ($A24.7 million) for a 75 per cent stake
in condom distributor Jissbon (Wuhan) Sanitary Products, and has an
option over the rest. Jissbon is a Chinese translation of James Bond,
Ansell chief executive Doug Tough said yesterday.
Apart from revealing Ansell's assault on the Chinese market, Mr Tough
also reported another strong result and dividend for the former Pacific
Dunlop, although the bottom line was hurt by a one-off item and
currency moves.
Mr Tough said Jissbon had grown rapidly since it was founded eight
years ago, and now held 10 per cent of the Chinese market. Ansell is a
major supplier to Jissbon.
It was planned to introduce Ansell's Lifestyles brand at the top of the
product range and this was expected to increase sales, Mr Tough said.
Ansell has also formed its own Shanghai-based subsidiary to promote
further the use of Ansell's occupational gloves in a bid to cash in on
the boom in manufacturing in China.
After a deduction of $5.5 million caused by the South Pacific Tyres
sale, Ansell's profit was down 5.7 per cent to $51 million for the
December half-year.
The positive side of the SPT deal was that the $122 million received
from Goodyear meant that Ansell had no net debt and was now a net
lender to the international banking system, said chief financial
officer Rustom Jilla.
Excluding the SPT items, profit was up 4.4 per cent despite a 31 per
cent increase in the price of latex, the company's main raw material.
Mr Tough said almost all of that cost was offset by internal
restructuring, productivity gains and higher prices, which customers
were accepting. He reaffirmed the earlier guidance from directors that
full-year earnings would be between US54=A2 and US57=A2 a share.
Books will close for the 9=A2 a share dividend on March 8.
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