Sale season ends at SSL

13 April 2012

DUREX condom maker SSL International denied it had become a takeover target after completing the long-awaited sale of its Hibi antiseptics and Biogel surgical gloves business.

Private equity firm Apax Partners is backing a £173m management buyout - around £100m short of City hopes - which leaves SSL to concentrate on developing Durex and sandal maker Scholl.

The sale completes a long disposal programme that has seen it offload its wound management division for £55m, also to Apax, and sell its Marigold gloves unit to a French rival for £22m.

Mr Sheen maker Reckitt Benckiser is tipped as a predator for the rump of SSL after holding talks last year.

In April, SSL finance director Garry Watts replaced Brian Buchan as chief executive as the sales process dragged.

Watts admitted he had to push up profitability to ensure the group's independence. SSL will pay down debt with the cash raised.

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