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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.