MELBOURNE, Australia (Feb. 15)—Pacific Dunlop Ltd. management is proposing spinning off the company´s Ansell healthcare business as a separate, publicly traded company on the Australian Stock Exchange, with current Pacific Dunlop shareholders to be given a pro-rate allocation of shares in Ansell. The proposal, which must be approved by shareholders and Australian courts, coincided with the release of Pacific Dunlop´s first half fiscal 2001 results, which showed a 9.8-percent drop in pre-tax earnings and a 9.7-percent increase in sales from continuing operations. According to the proposal, current Pacific Dunlop Managing Director and CEO Rod Chadwick will oversee the spin-off and then resign his posts with Pacific Dunlop to become chairman of Ansell; Harry Boon, managing director of Ansell, would become CEO of the de-merged company. Ansell reports nearly $700 million in sales annually; Pacific Dunlop, after the split, would report sales of about $1.4 billion.
Pacific Dunlop mulling Ansell spin-off
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