Cantel Medical Announces Divestiture Of Its Specialty Packaging Unit
Divestiture further enhances Cantel Medical's focus on its strategic businesses
LITTLE FALLS, N.J., April 8, 2015 /PRNewswire/ -- CANTEL MEDICAL CORP. (NYSE: CMN) announced the sale of its specialty packaging business, Saf-T-Pak, Inc., to Inmark, LLC, a global packaging and service company, effective April 7, 2015.
"The sale of our Saf-T-Pak business enables Cantel Medical to better focus on our core markets and strategic opportunities. Specialty packaging no longer fits our strategic growth objectives," said Andrew Krakauer, CEO of Cantel Medical. "We thank the employees of Saf-T-Pak for their dedicated service and we wish them success."
Net after-tax proceeds from this transaction are expected to be approximately $7 million. This transaction, including deal-related expenses, is anticipated to result in a loss on sale of approximately $1.3 million or $0.03 in GAAP EPS and will be neutral to Adjusted EPS in Cantel Medical's third quarter of fiscal year 2015. The results of the Saf-T-Pak business had been reported in the Other segment in Cantel Medical's SEC filings.
About Cantel Medical Corp.
Cantel Medical Corp. (NYSE: CMN) Cantel Medical is a leading global company dedicated to delivering innovative infection prevention and control products and services for patients, caregivers, and other healthcare providers which improve outcomes, enhance safety and help save lives. Our products include specialized medical device reprocessing systems for endoscopy and renal dialysis, advanced water purification equipment, sterilants, disinfectants and cleaners, sterility assurance monitoring products for hospitals and dental clinics, disposable infection control products primarily for dental and GI endoscopy markets, dialysate concentrates and hollow fiber membrane filtration and separation products. Additionally, we provide technical service for our products. For further information, visit the Cantel website at www.cantelmedical.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties, including, without limitation, the risks detailed in Cantel's filings and reports with the Securities and Exchange Commission. Such forward-looking statements are only predictions, and actual events or results may differ materially from those projected or anticipated.
SOURCE Cantel Medical Corp.
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