Johnson and Johnson completes sale of Ortho-Clinical Diagnostics

Johnson and Johnson has announced the completion of the $4 billion (2.34 billion pounds) divestiture of its Ortho-Clinical Diagnostics business.

The company has sold off the unit to the Carlyle Group, a decision that was confirmed in March 2014 following consultation with the relevant works councils and trade unions. The financial impact of the deal will be discussed in Johnson and Johnson's quarterly earnings call next week.

Ortho-Clinical Diagnostics is a leading global provider of solutions for screening, diagnosing, monitoring and confirming diseases. Its business generated net sales of approximately $1.9 billion in 2013.

Following its purchase by the asset management group, it will operate as a free-standing enterprise with a new leadership structure led by Dr Martin Madaus. It has already committed to increasing its investment in research and development.

This comes as part of Johnson and Johnson's commitment to a wider portfolio management strategy that delivers the maximum value to shareholders.