Skip to main content
Sister Publication Links
  • European Rubber Journal
  • Plastics News
  • Tire Business
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • Automotive
    • Tire
    • Non-Tire
    • Suppliers
    • ITEC
    • Silicone
    • Online Exclusive
    • Latex
    • Technical Notebooks
    • Executive Action
    • Government/Legal
    • Opinion
    • Rubber Division IEC
    • Blogs
    • Sustainability
    • Products
    • Wacky World of Rubber
  • War in Ukraine
  • Custom
    • Sponsored Content
    • White Papers
  • Resources
    • Directory
    • Classifieds & Mold Mart
  • Data
  • Events
    • RN Events
    • RN Livestreams/Webinars
    • Industry Events
    • Past Events
    • Rubber News M&A Live
    • 2022 Hose & Belt Manufacturers Conference
    • 2022 International Silicone Conference
    • 2022 International Tire Exhibition & Conference (ITEC)
    • 2022 Women Breaking the Mold
  • Advertise
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
May 31, 2004 02:00 AM

SSL sells medical unit, ending two-year effort

Mike McNulty
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    It took more than two years to accomplish, but SSL International P.L.C. has sold its medical products division and finally will become a consumer products company in July, specializing in latex condoms and foot care goods.

    A management buyout group, funded through Apax Partners & Co., will purchase the Regent rubber and synthetic latex surgical gloves and Hibi antiseptics operation from SSL for about $308 million.

    The deal, the third and last step in the breakup of SSL's medical goods business, is expected to be finalized by the end of June, although it still needs approval from SSL shareholders and regulatory agencies in the U.S. and Malaysia, according to an SSL spokesman.

    Apax Partners, a large European venture capital company, will pay $290 million in cash and assume about $18 million in debt, SSL said in a prepared statement. The new company will be called Regent Medical Ltd.

    More than 2,000 employees, 1,900 of them based in Malaysia, will be transferred to Regent Medical from SSL when the sale is completed. The deal includes the firm's two surgical glove manufacturing and packing factories in Malaysia, the spokesman said.

    An Apax spokeswoman said complete details on the transaction and the buyout group were not yet available and likely won't be until July.

    The sale will allow SSL to focus on the consumer end of its business, which includes rubber and synthetic latex Durex condoms, over-the-counter medicines and Scholl-brand foot care goods, the spokesman said. ``The principal consumer lines are growing-especially Durex, which has come out with new products that have done well,'' he said.

    The London-based company will use the cash proceeds from the sale to reduce debt.

    The transaction marks the final phase of SSL's restructuring plan, put in place in April 2002. It sold its Marigold industrial glove unit in November to Comasec S.A. for an estimated $37 million, and in March divested its wound care management business to newly formed Medlock Medical Ltd. for about $100 million.

    SSL's sales came in slightly above $1 billion for the fiscal year ended March 31, the company reported May 27, which were about the same as the previous year. Operating profit fell to $126 million from $139 million in fiscal 2002.

    Letter
    to the
    Editor

    Rubber News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].

    Most Popular
    1
    Nokian poised to immediately exit Russia
    2
    One killed, two injured in shooting at WeatherTech facility
    3
    Bridgestone opens $21 million race tire plant, boasts guayule-based Firehawk
    4
    Bridgestone creates silicone-based self-sealing tires
    5
    DuPont tailors its adhesives as EVs get more sophisticated
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Get our newsletters

    Staying current is easy with Rubber News delivered straight to your inbox, free of charge.

    Subscribe Today

    Subscribe to Rubber News to get the best coverage and leading insights in the industry.

    SUBSCRIBE
    Connect with Us
    • LinkedIn
    • Facebook
    • Twitter

    MISSION

    To serve companies in the global rubber product industry by delivering news, industry insights, opinions and technical information.

    Contact Us

    2291 Riverfront Pkwy, Suite 1000
    Cuyahoga Falls,
    OH 44221

    Customer Service:
    877-320-1726

    Resources
    • About Us
    • Digital Edition
    • Staff
    • Advertise
    • Order Reprints
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Partner Sites
    • Tire Business
    • European Rubber Journal
    • Plastics News
    • Plastics News China
    • Urethanes Technology
    • Automotive News
    • Crain Brands
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • News
      • Automotive
      • Tire
      • Non-Tire
      • Suppliers
      • ITEC
      • Silicone
      • Online Exclusive
      • Latex
      • Technical Notebooks
      • Executive Action
      • Government/Legal
      • Opinion
      • Rubber Division IEC
      • Blogs
        • Products
        • Wacky World of Rubber
      • Sustainability
    • War in Ukraine
    • Custom
      • Sponsored Content
      • White Papers
    • Resources
      • Directory
      • Classifieds & Mold Mart
    • Data
    • Events
      • RN Events
        • 2022 Hose & Belt Manufacturers Conference
        • 2022 International Silicone Conference
        • 2022 International Tire Exhibition & Conference (ITEC)
        • 2022 Women Breaking the Mold
      • RN Livestreams/Webinars
      • Industry Events
      • Past Events
      • Rubber News M&A Live
    • Advertise
    • DIGITAL EDITION