21 Dec 2005
Melbourne, Australia-Glove and condom maker Ansell Ltd has launched a plan to buy back about $75-million (Euro 63-million) of its shares during the next 12 months.
Ansell said the share buyback will be funded using the majority of the proceeds from its recently announced sale of joint venture South Pacific Tyres Ltd to partner Goodyear.
Goodyear will purchase Ansell's 50-percent interest in SPT for about $40 million. Goodyear also will repay about $50 million of outstanding loans from Ansell to SPT, the company said.
The deal, which was announced 15 Dec and is subject to government and other approvals, is expected to be finalised in late January, a Goodyear spokesman said. The business will be operated as a separate entity but be part of Goodyear's Asia/Pacific operation.
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