Divestiture further enhances Cantel Medical's focus on its strategic businesses
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.
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