Chief executive sees expansion opportunities in China

SSL International is buying out its Chinese joint venture partner in Qingdao London Durex to take full control of the Chinese condom maker. The UK group is paying Qingdao Double Butterfly Group $37.5m, equivalent to Ј19.8m or E29.4m at current exchange rates. Last year QLD, which has a capacity of 140 million condoms a year, turned over Ј10m (E15m) and generated Ј5m (E7m) in operating profit, SSL reports.

“We are delighted to increase our investment in China,” said SSL chief executive Garry Watts. “China is an excellent expansion opportunity and a growing consumer culture. As we have found elsewhere in markets enjoying strong economic development, like China, consumers respond well to branded quality products such as Durex.”