Baxter finalises sale of transfusion therapies division

Baxter International has announced that the sale of its transfusion therapies business to Texas Pacific and Maverick Capital has been completed, with the division divested for $540 million (276.77 million pounds).

The company reports that this business division has been established as a new independent company by Texas Pacific and Maverick Capital, with this new firm known as Fenwal.

Fenwal has five manufacturing facilities worldwide and employs in the region of 3,500 people. The company is one of the largest product and services suppliers to the transfusion medicine industry.

“Baxter will continue to provide certain manufacturing, distribution and support services to Fenwal for varying periods of time following the close, under transition agreements signed by the companies,” Baxter reports.

It adds that Fenwal’s product portfolio includes both manual and automated products for blood collection in addition to storage equipment.

Baxter first announced the sale of its transfusions business in October 2006, describing it as one which followed months of financial and strategic reviews by the firm.

The company stated that this divestment would enable it to increase its investment and focus in areas it feels offered a more long-term strategic value to its shareholders.