SSL International
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SSL International PLC (LSE: SSL) is a multinational corporation, headquartered in London. The company specialises in consumer products from rubber and plastic, until mid-2004 it also had a medical products division. Its most well-known brands are Durex and Scholl, other significant brands are Syndol, Meltus, Sauber, and Mister Baby.
The company has a commercial presence in over thirty countries and manufacturing plants in the United Kingdom, Channel Islands, Spain, China, India and Thailand. The company does around 80% of its business in Europe. In 2003 the company made a profit, before tax after exceptional items, of £39.1 million on a turnover of £608.9 million. Problems relating to the 1999 merger, the sale of some brands, strategy changes, and write-offs have led to the company reporting losses in three out of its five years in business, as of 2004. The company has around 4500 employees, broadly split 60:40 between sales and manufacturing.
[edit] History
SSL was formed in 1999 by two sets of mergers. Seton Healthcare and Scholl merged in July 1998 to create Seton Scholl Healthcare, then the London International Group merged with Seton Scholl in May 1999 to form SSL International. Many consider Stuart Wallis, the chairman of Scholl since 1996 and the first chairman of SSL, to have been the main planner and dynamic behind this brand consolidation. Wallis, then-CEO Iain Cater, and other directors left the company in 2001. Brian Buchan of Procter & Gamble became CEO, he resigned in April 2004. The current chief executive is Garry Watts, formerly the company's Group Finance Director, with Ian Martin the non-executive chairman.
From 2002 to 2004 the company sold-off its medical and industrial products (mostly the businesses of Seton Healthcare) to focus on its two main brands and OTC products as a "strategic repositioning". The first major diversement was of OTC brands, Thornton & Ross Limited acquiring twenty-one products in March 2002. Marigold Industrial Gloves was sold to Comasec SAS in November 2003. The wound management products were sold to Medlock Medical Limited (Apax Partners) in March 2004. Regent Infection Control (Biogel surgical gloves and Hibi antiseptics (acquired in 2000 from AstraZeneca)), previously seen as a key SSL business, was sold to Regent Medical Limited (also Apax Partners) in May 2004, this was the largest sale at around £173 million. The final sale was of the minor Silipos business to Langer Inc and of SSL's continence care business to Coloplast A/S in October 2003. There were a number of other smaller sales.
The company was invesigated by the SFO following claims that the company had overstated its results up to March 2000. Reporting in 2003 after a two-year investigation the SFO took no action against SSL.
They employ around 4,500 people.
