Ansell has finally parted ways with its condoms division for the princely sum of $US600 million after the boss, Magnus Nicolin, decided condoms are not a good fit with the rest of its business.
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Ansell sells condom division
A consortium of Humanwell Healthcare Group Co and CITIC Capital China Partners is buying Ansell's "sexual wellness" division.
"Clearly the target audience is different," he told Fairfax Media last year after announcing the future of the sexual wellness business was under review.
Its rubber gloves and protective clothing goods are sold to responsible, sober adults in big organisations – head nurses, administrators. Condoms are sold to horny teenagers at the local 7-Eleven. You get the picture.
But at least it has a happy ending. "We are delighted with this outcome, following a thorough and competitive process," said Nicolin on Thursday.
It will be the end of an era for Ansell which started life in 1905 when Eric Ansell acquired condom-making machinery from his old employer, Dunlop Pneumatic Tyre Company.
The rest is history – and a moderately growing population in Australia.
The deal is subject to regulatory approval, of course.
Given the buyer is a Chinese consortium, the Foreign Investment Review Board (FIRB) could always puncture the deal if it is not considered to be in the national interest. Or, it raises national security issues.
Over to you Treasurer Scott Morrison.
Amber who?
The internal controversies at Kerry Stokes' Seven Network have not dented its market performance.
Seven continues to kill the TV market with the April numbers showing it commanded 42.6 per cent of free-to-air advertising – based on its share of the agencies' ad spend – up from 41.5 per cent last year.
Nine came in with a slightly improved 36 per cent as it gears up for the rugby league season.
Ten has not improved its chances of surviving the year with its share of the revenue down to 21.4 per cent – nearly half that of Seven.
Ten's market value is now below $70 million, which means the broadcaster is now worth less than at least one home in Sydney's pricey suburbs.
Follow CBD on Twitter. Got a tip? ckruger@fairfaxmedia.com.au
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