Disposal
Summary by AI BETAClose X
Halma plc ('Halma' or the 'Group')
Disposal
Halma plc, the global group of life-saving technology companies focused on growing a safer, cleaner, healthier future for everyone, every day, today announces that it has completed the sale of NovaBone Products LLC and its subsidiaries ("NovaBone") to Isto Biologics for total consideration of $60m (£45m) on a cash and debt free basis.
NovaBone designs and manufactures differentiated orthobiologic products, and is headquartered in Florida, US1. While NovaBone has developed well under Halma's ownership, strengthening its product offering and capabilities, a recent strategic review concluded that NovaBone is best placed to grow under ownership more closely aligned to its market and investment needs. Isto Biologics is an established orthobiologics business with a complementary portfolio and capabilities to support NovaBone's future growth.
The divestment reflects Halma's disciplined approach to capital allocation and enables continued focus on areas where it sees the strongest opportunities for long-term growth and returns.
Marc Ronchetti, Group Chief Executive, commented:
"We are pleased to have found a new home for NovaBone. Isto Biologics' deep industry expertise and complementary portfolio make it a clear strategic fit for NovaBone, while enabling Halma to continue focusing investment in areas where we see the best opportunities for long-term growth and returns. I would like to thank the NovaBone leadership team and all its employees for their contribution to the Group. We wish them every success for the future."
For further information, please contact:
Halma plc
Marc Ronchetti, Group Chief Executive +44 (0)1494 721111
Carole Cran, Group Chief Financial Officer
Charles King, Co-Head of Investor Relations +44 (0) 7776 685948
MHP
Oliver Hughes / Rachel Farrington / Ollie Hoare +44 (0)20 3128 8100 / +44 (0)7817 458 804
A copy of this announcement, together with other information about Halma, is available at www.halma.com.
About Halma
Halma is a global group of life-saving technology companies, focused on growing a safer, cleaner, healthier future for everyone, every day.
Its purpose defines the three broad market areas where it operates:
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· Safety |
Protecting people, assets and critical infrastructure by addressing safety risks in public, commercial and industrial environments, and supporting a safer, more sustainable future. |
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· Environmental & Analysis |
Monitoring the environment and ensuring the quality and availability of life-critical resources, and enabling scientific research through advanced measurement, analysis and data transmission. |
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· Healthcare
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Meeting the growing demand for healthcare as populations age and chronic conditions rise, by supporting the discovery of new cures, the prevention, diagnosis and treatment of patient conditions, and enabling the delivery of safer, more efficient healthcare.
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It employs over 9,000 people in more than 20 countries, with major operations in the UK, Europe, the US and Asia Pacific. Halma is listed on the London Stock Exchange (LON: HLMA) and is a constituent of the FTSE 100 index.
Halma has been named as one of Britain's Most Admired Companies for the past seven years.
For more information www.halma.com
Notes
· NovaBone was acquired by Halma in January 2020 for an initial consideration of $97m (£74m). We currently expect no material gain or loss to be recognised on disposal.
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