Shares in Ansell jumped after announcing the sale of its Sexual Wellness condom business to China and a buy-back program for up to 10% of the company.
A short time ago, Ansell shares were up 4.7% to $25.22.
Ansell sold Sexual Wellness, which includes the condom, lubricant and devices businesses, for $US600 million ($A800 million) to Humanwell Healthcare and CITIC Capital China Partners.
Ansell will now concentrate on its rubber glove and protective clothing business.
“Ansell will now turn its focus to the acceleration of the three B2B divisions while improving operating efficiencies further,” says CEO Magnus Nicolin.
The condom business dates back to 1929 when Eric Norman Ansell set up in business after working for the Dunlop Company of Australasia.
The company today also announced an on market buy-back program of up to 10% of issued capital or about 14.75 million shares over the next 12 months at a cost of $US265 million ($A356 million).
Business Insider Emails & Alerts
Site highlights each day to your inbox.