Sonic Healthcare sells its interest in GLP Systems

Company News

by Rachael Jones

Sonic Healthcare (ASX:SHL) has sold its 85 per cent shareholding in GLP Systems headquartered in Germany.

The sale went ahead to Abbott in the United States.

GLP has developed a cutting-edge laboratory automation system which has been installed in eight Sonic labs in Australia, the UK and Germany, with more planned.

The sale of GLP will generate an after-tax profit to Sonic of around $48 million.

Approximately 130 million of cash will be returned to Sonic, which will be used to repay existing Euro debt, creating additional balance sheet capacity for further laboratory acquisitions.

Shares in Sonic Healthcare (ASX:SHL) closed -0.58 per cent lower at $27.34 yesterday.