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Deal acclerates company's transformation to a pure-play medical device business
May 1, 2018
By: Karen McIntyre
Editor
Halyard Health, Inc. has completion of the previously disclosed divestiture of its Surgical Infection and Prevention SI&P) business to Owens and Minor, Inc. for $710 million. Halyard intends to use the approximately $600 million in net proceeds from the sale to pay off its existing Term Loan B credit facility and to fund internal investment and M&A.
“The divestiture of S&IP transforms us into a focused, pure-play medical devices business with a clear playbook for solid revenue and earnings growth,” says Joe Woody, Halyard CEO. “The additional financial capacity will fund our dual-track growth strategy, focused on product innovation and strategic M&A and underpinned by a commitment to commercial excellence.” S&IP provides healthcare supplies and solutions that target the prevention of healthcare-associated infections.
The divestiture of the S&IP business accelerates Halyard’s transformation into a pure-play medical devices business, with market leading positions in its core franchises of pain management and chronic care. As a growth-oriented business with a singular focus on devices, the company will be well positioned to succeed in its higher growth and higher margin categories. Halyard will benefit from a more simplified structure, enhanced management focus and significant firepower to invest in growth. The company will pursue a dual-track growth strategy through R&D and M&A, with a focus on maintaining and extending its leadership positions in its core franchises and expanding into attractive adjacencies.
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