19 Mar 2004
From Rubber & Plastics News
London-SSL International plc has ended talks with one suitor and begun discussions with another on the sale of its Regent glove and antiseptic scrubs business.
The latex and synthetic latex glove and condom maker had been in discussions with the unnamed potential buyer for a few months but the companies failed to agree on a price for the operation, an SSL spokesman said. He noted that at least one company, and possibly others, has replaced the initial bidder.
The company had an initial plan to sell the business by the end of 2003 but was unable to pull off a deal. It has set a new deadline of 30 April.
However, SSL has reached agreement to sell its wound care management business to newly formed Medlock Medical Ltd. for about $100 million. The deal is expected to close March 31. Proceeds from the sale will be used to reduce the firm's loans.
Included in the sale are a production facility in Oldham, England, and a warehouse in North Manchester, England. About 244 employees will transfer to Medlock Medical.
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