IWP INTERNATIONAL is to quit the stock exchange after the troubled personal care products group agreed to let its banks take control of the company in return for restructuring its hefty debt burden.

SHARES in IWP dived nearly 10% yesterday after the personal-care products group dashed hopes of a takeover approach and said it was in difficult talks with its banks.

STRUGGLING personal care products group IWP said yesterday it needed more time to prepare its half-year results, which will not now be released until January next year.

Sales in IWP International have climbed 8% to €184m, preliminary results have revealed.

IWP chief executive Jim Murphy is to quit his post with the struggling household products company.

IWP plc faces a €16 million penalty if it fails to meet its debt repayment commitments.

The ISEQ index of shares put in a strong performance today to close up 85.76 at 6142.36.

The ISEQ has climbed 44.87 to 4,061.92, today, buoyed by a strong performance by building materials giant CRH.

The board of consumer and personal care group IWP International has warned market expectations for the year ahead are unlikely to be achieved.

MANAGEMENT at IWP International is to close the company’s headquarters in Dublin city centre, relocating the operation to Britain in a cost cutting move resulting in once off expenditure of €6 million.

IFG chief executive Richard Hayes has upped his stake in the troubled financial services company.

IWP International has reported a 3% rise in sales for its first half to September.

Household products group IWP International said its finance director, Paul O’Brien, bought 50,000 shares, worth just under €10,000, in the company yesterday.

LIKE-for-like sales at IWP tumbled 12% to €170 million last year as weaker sterling and the closure of a loss-making subsidiary hurt the household products group.

The ISEQ index of shared closed up 6.98 points at 5,446.59 at the close of business today.

Shares in consumer care products company IWP are unchanged at 25 cent at 10.45am after the company released 2003 results this morning.

ISEQ-listed consumer care product company IWP has announced a group operating profit (before goodwill of €600,000) of €4m, up 60% from 2003's €2.5m.

THE announcement of tentative plans for a management buyout (MBO) at Aer Lingus throws a spotlight on other semi-state organisations where management teams may also be thinking bigger than simply delivering respectable dividends for the Exchequer.

AFTER a sheepish start to the day, the Irish market was spurred upwards with strong performances from the leading banks in the financial sector. The ISEQ Index finished strongly 17.86 points up at 5,439.61.

Consumer goods group IWP International has signed a new lending agreement with banks.

IWP yesterday was given shareholder approval to sell off its Skiffy Group for €28.1 million.

The financials doled back yesterday's gains today after speculation increased that eurozone rate are heading for a cut.

The board of personal care products group IWP has told shareholders that it expects to complete a deal with its lenders soon on securing funding to March 2006.

The ISEQ in Dublin surrendered gains from an early rally. Elan shares were sold off following a cautious broker note.

IWP is now focussed almost totally on the personal health care sector following the sale of Skiffy for €28 million in cash which will push company debts down to €70 million.

The Irish market began the week strongly, moving in line with the major European markets.

The ISEQ index of Irish shares finished up 59.53 points on Monday at 5159.98.

Personal care company IWP said today its chief executive Jim Murphy has bought 100,000 shares in the company at €0.32 each.

The ISEQ was up 47 points, nearly 1%, to 5147 just before 11am boosted by evenly spread gains.

ISEQ-listed personal care company IWP has agreed to sell the Skiffy Group for €28m to international distribution group Bunzl.

The ISEQ was trading up 24 points, or 0.48%, to 5154 at 11.45am today, as some of the larger stocks recovered losses made in the last few days.

The ISEQ in Dublin made an afternoon recovery today closing up 23 points to 5129.

IWP, the subject of a failed buy-out attempt recently, has reported an 11% drop in sales at the interim stage.

The ISEQ closed up for the third session running this evening at 4,851, up 27 points or 0.57%.

IWP, the troubled personal care group, today reported a fall in sales of 11% and an increase in net debt of 14.3%.

Shares in IWP remained static at 32c after its new CEO stated that the company was ‘not for sale’.

IWP SHARES were bought heavily in the Dublin market yesterday, fuelling speculation of an imminent offer for the personal care products group.

MARKETS across Europe were weaker yesterday and the ISEQ index mirrored this negative trend, falling 26.51 points to 4511.09.

SHARES in IWP International shot up in the last two days in anticipation of a management buyout offer.

THE ISEQ Index of shares closed marginally higher yesterday, gaining 13.28 to 4179.92 points.

IWP boss Joe Moran says he is not planning to take the company private despite its continuing struggle to define itself.

SHARE prices in London hit six-year lows yesterday, while shares in Paris and Amsterdam fell to five-year lows, as more than 1 billion was wiped off the value of shares on the Irish Stock Exchange.

The ISEQ Index closed 133.15 points lower yesterday at 4156.68.