Ansell writes down $80 million following revaluation of South Pacific Tyres
Richmond, Victoria--Ansell Ltd has revised the value of South pacific Tyres, a joint venture it holds with the Goodyear Tire and Rubber Company. The new valuation of A$58 million ($44 million) is A$80 million lower than the previous figure of A$138 million.
Ansell had delayed filing some financial data with the US Securities Exchange Commission due to accounting issues at Goodyear, and the re-valuation was expected. The figures will be reflected in Ansell's next annual results statement due to be released in August.
A statement from Ansell says Ansell has the right to sell its 50 percent stake in the SPT business back to Goodyear at a predetermined price between August 2005 and August 2006.
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