Hill-Rom to sell Volker business to CoBe affiliate

Hill-Rom has agreed a deal to sell off its Volker business, which primarily serves the European long-term care bed market, for an undisclosed fee.

An affiliate of CoBe Capital has agreed to purchase certain Volker assets, as well as taking control of operations and staff members at Volker's current base in Witten, North-Westphalia, Germany.

The Volker business generated annual revenue in 2016 of approximately $40 million (30.35 million pounds) and is one of Germany's leading producers of hospital and long-term care beds. The firm was acquired by Hill-Rom in 2012 and is now being sold as it is considered a non-core asset.

Hill-Rom expects to close the deal before the end of its current fiscal year and will record an after-tax special charge of approximately $30 million, principally for the non-cash write down of assets and transaction-related costs.

John Greisch, Hill-Rom's president and chief executive officer, said: "This transaction reflects Hill-Rom's ongoing efforts to optimise our portfolio and direct investment, resources and focus on key strategic growth platforms."

This follows the recent sale of Hill-Rom's architectural products and WatchChild businesses as part of the same strategy.

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