10:00 AM EDT, 04/18/2024 (MT Newswires) -- BioLife Solutions ( BLFS ) said Thursday it has completed the divestiture of its Global Cooling wholly owned unit.

The sale is expected to immediately eliminate product warranty liabilities amounting to $7.5 million as of Dec. 31 and lead to higher growth rates in revenue, adjusted EBITDA and gross margin, Chief Executive Roderick de Greef said.

The deal required the repayment of the unit's long-term debt of $2.6 million, the company said.

The company intends to submit a current report on Form 8-K with the US Securities and Exchange Commission about the definitive agreement and pro forma financial information, BioLife added.