Oct. 31 /PRNewswire/ -- Packard BioScience Company (Nasdaq: PBSC - news) today announced that it is in negotiations for the sale of Canberra Industries. Following the Company's announcement in August that it would seek strategic alternatives for Canberra, discussions were held with a number of potential strategic and financial partners. The Company has received several firm offers for the business to date and expects to close the sale within three months.
``We are gratified by the response to our search,'' said Emery Olcott, Chairman and Chief Executive Officer of Packard BioScience. ``The offers that we have received clearly indicate that Canberra Industries is a solid operation with an excellent future. Canberra employees can be proud of how they have grown the company. We are committed to finding the right corporate match for these dedicated employees.'' Mr. Olcott anticipates that Canberra will continue to operate out of its Meriden, Connecticut headquarters.
From an accounting perspective, Canberra will be classified as a discontinued operation for Packard BioScience in all periods represented in its upcoming earnings release.
At its October 25th meeting, the Packard BioScience Board of Directors elected Frank Witney, Ph.D. to the offices of President and Chief Operating Officer of Packard BioScience Company, and President of the company's wholly-owned subsidiary, Packard Instrument Company, Inc., succeeding Richard McKernan who has announced his plan to retire. Emery G. Olcott will retain the positions of Chairman and CEO; Richard McKernan, former President of Packard Instrument Company, Inc. will continue in his role of Senior Vice President of Packard BioScience Company and advisor to Packard's CEO, focusing principally on matters relating to strategic development and acquisitions.
``The Board of Directors has made an excellent choice in Dr. Witney,'' said Mr. Olcott. ``He has successfully demonstrated his business acumen throughout the past several months as Senior Vice President of Packard Instrument Company, and his extensive sales and marketing experience in the life sciences industry will undoubtedly contribute to the growth of the company.''
Prior to joining Packard in 2000, Dr. Witney was employed at Bio-Rad Laboratories (Hercules, California) for 17 years. Dr. Witney holds a Masters of Science degree in Microbiology and a Ph.D. in Molecular and Cellular Biology from Indiana University. He is author or co-author of more than 15 papers on various topics in molecular biology and biochemistry and holds seven patents in the life sciences industry... |
