Nov. 29 /PRNewswire/ -- Packard BioScience Company (Nasdaq: PBSC - news) announced today that it has agreed to sell Canberra Industries to COGEMA (Velizy Cedex, France) for $170 million. According to Packard, the estimated net proceeds after tax is expected to be in the range of $115 to $130 million, an amount earmarked for research and development, general working capital and to pay down its debt. COGEMA's stated plans are to grow the Canberra business under the leadership of its existing management and retain the Meriden, CT headquarters.
Christian Petit, the current President and CEO of COGEMA's Nuclear Measurements Business Unit, will be Chairman and CEO of the new company formed by the union of Canberra and COGEMA's Nuclear Measurements business. Emery G. Olcott, Canberra's founder, has been invited to serve on the Board of Directors of this new company.
``The sale of Canberra Industries provides Packard with a significantly strengthened balance sheet,'' said Mr. Olcott. ``It allows us to continue our accelerated research and development efforts and to build on our global sales presence in the life sciences research industry. I am particularly pleased that the company I founded has secured a new home with a partner committed to the global nuclear measurement business. COGEMA has the resources to support and build on Canberra's preeminent position.''
``We were looking for a buyer who values our success and capabilities, who has a long-term commitment to the nuclear industry, and has the wherewithal to help us achieve our strategic plans,'' said George Serrano, President of Canberra Industries. ``COGEMA exceeds our expectations on every one of these criteria, and we are very excited by the prospects of joining their team. We sincerely believe this is the best possible outcome for our employees, our customers, our vendors and everyone associated with Canberra.''.... |
