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Article: AUST'S ALESCO CORP SELLS BIOLAB TO THERMO FISHER FOR US$126 MLN.
- Article from:
- AsiaPulse News
- Article date:
- April 27, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MELBOURNE, April 27 Asia Pulse - Australian distributor Alesco Corporation Ltd (ASX:ALS) has agreed to sell its scientific and medical division (Biolab) to Thermo Fisher Scientific Inc for A$175 million (US$126.17 million) and says it intends to resume paying dividends.
Alesco, which distributes hardware, construction equipment, scientific instrument and irrigation systems, expects a profit on the sale, before tax but after transaction costs, of about A$65 million.
The proceeds will go towards reducing debt and strengthening the company's balance sheet.
Alesco said that since it would have a significantly stronger balance sheet after the sale, ...