GELSENKIRCHEN, Germany (Dec. 4, 2009)—Masterflex A.G., a specialist in polyurethane hose manufacturing, has completed the disposal of its medical applications subsidiary Angiokard GmbH & Co. KG, the company said Nov. 30.
The subsidiary, which has been part of the Masterflex Group since 2000, made revenue of $22.4 million in 2008.
The extra liquidity from the sale of the mobility unit will reduce the company's net debt to $70.8 million, the company said, adding that debt has already been reduced by 20 percent in one year.
The move is part of Masterflex's policy to dispose on “non-core activities which do not offer synergies with its profitable core High-Tech Hose Systems business.”
The company is assuming a sale period of one to two years.