Glove maker to buy back shares

RED BANK, N.J. (May 6)—Ansell Ltd. plans to buy back up to 10 million shares on the market during the next year as part of a recently adopted balanced strategy initiative, put in place after the firm completed an extensive capital management review. The company adopted the balanced strategy within the parameters of its board of directors' "long-term target of an investment grade credit rating," Chairman Ed Tweddell said in a prepared statement. "The strategy takes into account Ansell's strong balance sheet and cash flow, and also recognizes the needs of shareholders and of the business," he said. The latex and synthetic latex glove maker will only buy back shares at times and prices the board believes to be in the best interests of the firm, he said. Ansell's balanced strategy is aimed at retaining a conservative balance sheet yet insure sufficient capital resources are available to fund internal business growth and acquisitions, "while immediately returning cash to shareholders through the share buyback," said Harry Boon, CEO of the Red Bank-based company.