Brief: Velan Says To Divest Asbestos Liabilities At Cost Of $143 Mln

Velan

15/01/2025 04:44

Jan 14 (Reuters) - Velan Inc  VLN.TO :
    * VELAN ANNOUNCES MAJOR STRATEGIC INITIATIVES
    * VELAN INC - TO DIVEST ASBESTOS LIABILITIES AT COST OF $143
MILLION
    * VELAN INC: EXCLUSIVE NEGOTIATIONS WITH FRAMATOME FOR SALE
OF ITS
FRENCH SUBSIDIARIES FOR A PURCHASE PRICE OF US$175.2 MILLION
    * VELAN INC - EXPECTED TO BE VIRTUALLY DEBT FREE AFTER
TRANSACTIONS
    * VELAN INC - TOTAL CONSIDERATION FOR SALE OF FRENCH
SUBSIDIARIES
$198.4 MILLION
    * VELAN INC: WILL RETAIN ITS U.S. OPERATIONS AND CONTINUE TO
CARRY
OUT ITS ACTIVITIES IN U.S. UNDER A NEWLY CREATED SUBSIDIARY.
    * VELAN INC - ASBESTOS DIVESTITURE TO RESULT IN ONE-TIME
NON-CASH
CHARGE OF $67 MILLION

Source text:  ID:nGNX7SQqRG 
Further company coverage:  VLN.TO 

 ((Reuters.Briefs@thomsonreuters.com;))