MELBOURNE, Australia-Australian diversified manufacturer Pacific Dunlop Ltd. has sold its plastics subsidiaries to separate buyers for a total of $81 million, and it plans to focus on advanced technology rubber products.
Pacific Dunlop officials would not disclose individual sale prices for the subsidiaries.
The Melbourne-based company's Plastics Group-comprised of compounding, extruding and injection molding operations trading as Improdex, Viplas Olympic, Rosebank Plastics, Barfell Industries and Plasticoat-was sold to Auckland-based Marley New Zealand, a division of Marley P.L.C. of the United Kingdom.
Another unit, RMAX, which produces and distributes expanded and molded polystyrene products in Australia and New Zealand, was sold to Melbourne-based Hunstman Chemical Company Australia Ltd.
Dunlop Flow Technology, a major New Zealand distributor of industrial rubber and plastic hose, couplings and fittings, was sold to the Skellerup Group Ltd., based in Auckland, in July.
Philip Brass, Pacific Dunlop managing director, said the sales represented a ``significant premium'' over book value.
Pacific Dunlop's industrial products and cables group, including its plastics operations, recorded sales of approximately $511 million for the year ended June 30.
Pacific Dunlop continues to operate its Dunlop foam division, which manufactures bedding and other foam products.
The company's Ansell International division, which markets medical and industrial gloves and condoms in more than 100 countries, achieved sales of $541 million.
Earlier this year Ansell bought the Massillon, Ohio-based Perry Division medical glove business of U.K.-based Smith & Nephew P.L.C. for about $50 million.