Haemonetics completes Pall blood transfusion acquisition
Haemonetics Corporation has completed the purchase of blood transfusion operations from Pall Corporation at a cost of around $550 million.
Haemonetics Corporation has finalised the acquisition of Pall Corporation's blood transfusion operations.
The firm has purchased Pall's blood collection, filtration and processing product lines - a business that employs approximately 1,300 people - for around $550 million (£352 million).
Haemonetics has established a presence in the blood collection market as a result of the purchase and expects the move will result in the new, combined company generating in excess of $1 billion in revenue in the 2014 fiscal year.
It funded the purchase, which may have been completed with the help of merger and acquisition advisors, with a $475 million loan sourced from JPMorgan Chase Bank and has paid the vast majority of the asking price up front, with $15 million left outstanding.
In addition, Haemonetics - which was founded in 1971 - will take control of some of Pall's blood media manufacturing assets by 2016, with these being managed by Pall under a supply agreement in the interim.
Haemonetics originally manufactured devices and consumables used for collecting and processing blood and plasma but has since expanded to specialise in all aspects of blood management.
Posted by Ken Hayes
Source: Haemonetics Corporation press release, August 1st