China Rising In More Ways Than One

SSL International PLC recently announced it is taking control of Qingdao London Durex Company Ltd. by buying out the 50 percent stake held by its former Chinese joint venture (jv) partner, Qingdao Double Butterfly Group Company Ltd. for around $37 million.  The Qingdao London Durex Company Chinese joint venture had around $18 million in 2004-2005 fiscal year sales with an operating profit of around $9 million.   

The joint venture's Qingdao condom facility has the capacity to produce approximately 140 million condoms a year.  SSL chief executive Garry Watts states that "with a population of over 1.3 billion people and a growing consumer culture, China is an excellent expansion opportunity.