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Home Industry News PerkinElmer completes sale of illumination unit

PerkinElmer completes sale of illumination unit

3rd December 2010

PerkinElmer has revealed that the sale of its illumination and detection business to an affiliate of Veritas Capital Fund Management is now complete.

The company first disclosed its intention to sell the unit to the private equity firm for approximately $500 million (320.3 million pounds) in cash at the end of August 2010.

Robert Friel, chairman and chief executive of PerkinElmer, said he was "very pleased" to confirm the divestiture.

"We believe this transaction enables us to be a more focused, less complex organisation with reduced exposure to more cyclical end markets," he commented.

Mr Friel added that the deal will also free up capital for PerkinElmer to invest in other businesses and pursue acquisitions.

According to the company, the illumination and detection business is on course to generate approximately $300 million in revenue this year.

Earlier this year, PerkinElmer announced a new joint development and marketing agreement with LinaTech to produce imaging technologies for cancer treatment.ADNFCR-8000103-ID-800272067-ADNFCR

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