Ansell and Goodyear Partnership to Continue
Dr Ed Tweddell, director of Goodyear joint venture partner, Ansell, has stated that his company expects to continue to be involved in its South Pacific Tyres partnership with Goodyear. Ansell will continue to work with Goodyear until the end of the option period in August 2006. Dr Tweddell also pointed out that if Ansell does not exercise its option during this period, Goodyear has the right to sell Ansell’s interest.
“We closely monitor the carrying value of our investment in the South Pacific Tyres partnership and have previously announced that if any new facts or expectations emerge indicating a change in the value of that investment, appropriate action will be taken,” said Dr Tweddell. “We are seeing continuing improvement in the operations and results of South Pacific Tyres. Our investment in the South Pacific Tyres partnership stands at $138 million, with loans and interest of a further $63 million.”