Neogen Corporation (NEOG), a global provider of food safety solutions, has completed the sale of its global cleaners and disinfectants business to Kersia Group for $130 million in cash, with additional contingent payments based on future performance.
The move is part of Neogen's strategic plan to sharpen its focus on core operations. The proceeds from the sale will be used to repay $100 million in debt this quarter, which is expected to reduce net leverage by approximately 0.4x on a pro forma basis.
Neogen CEO John Adent stated that the transaction is a significant step in streamlining the company's operations and aligning its focus with its core business. He expressed confidence in Kersia as a long-term steward of the divested business and appreciation for their cooperation during the transition.
Friday NEOG closed at $4.74, or 2.4691% lower on the NasdaqGS.
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