Owens & Minor (NYSE:OMI) announced that it completed the sale of its Movianto European logistics business to EHDH Holding Group.
In January, Owens & Minor announced that it intended to sell the Movianto business, expecting to collect proceeds reaching $133 million to be used to further reduce company debt. The company purchased Movianto in 2012 for $157 million and, at the time of purchase, it represented 5.5% of consolidated revenue.
“Today’s divestiture enables Owens & Minor to concentrate focus on our strategic pillars – products, services and distribution – and to continue expanding our PPE manufacturing capacity in the U.S. and North America,” Owens & Minor president & CEO Edward Pesicka said in a news release. “This transaction also contributes to the continued financial and operational strength of Owens & Minor.”
Earlier this month, Owens & Minor announced that it commenced offers to purchase outstanding senior notes that could total up to $240 million.