Reckitt’s £2.5bn acquisition of SSL completes

SSL, the company behind consumer brands such as Durex condoms and Scholl Footwear, has announced the resignation of all of its board directors following approval of its £2.5bn takeover by Slough-based consumer products firm Reckitt Benckiser.

Competition authorities have rubber-stamped the deal and as Reckitt Benckiser had gained approval from more than 85% of SSL’s shareholders by last Friday, it can now begin the process of integrating SSL into its own operations.

This morning, SSL announced that all of its board members have resigned, including chairman Gerald Corbett and executive directors Garry Watts, Mark Moran and Ian Adamson. They have been replaced by Reckitt Benckiser board directors.

Reckitt Benckiser has also announced plans to delist SSL shares within 20 days.

There are fears that the takeover will also lead to job losses at SSL’s core operations base in Trafford Park.

Reckitt Benckiser has said it plans to find £100m worth of operational savings and many of the key functions carried out by SSL at Trafford could be relocated to its new parent’s headquarters in Slough. A report in yesterday’s Observer newspaper claimed that some SSL staff have already been told to reapply for their posts.