BRIEF-Velan Says To Divest Asbestos Liabilities At Cost Of $143 Mln-March 2024-www.financetom.com

BRIEF-Velan Says To Divest Asbestos Liabilities At Cost Of $143 Mln

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BRIEF-Velan Says To Divest Asbestos Liabilities At Cost Of $143 Mln

Jan 14, 2025 8:57 PM

Jan 14 (Reuters) - Velan Inc ( VLNSF ):

* VELAN ANNOUNCES MAJOR STRATEGIC INITIATIVES

* VELAN INC ( VLNSF ) - TO DIVEST ASBESTOS LIABILITIES AT COST OF $143

MILLION

* VELAN INC ( VLNSF ): EXCLUSIVE NEGOTIATIONS WITH FRAMATOME FOR SALE

OF ITS

FRENCH SUBSIDIARIES FOR A PURCHASE PRICE OF US$175.2 MILLION

* VELAN INC ( VLNSF ) - EXPECTED TO BE VIRTUALLY DEBT FREE AFTER

TRANSACTIONS

* VELAN INC ( VLNSF ) - TOTAL CONSIDERATION FOR SALE OF FRENCH

SUBSIDIARIES

$198.4 MILLION

* VELAN INC ( VLNSF ): WILL RETAIN ITS U.S. OPERATIONS AND CONTINUE TO

CARRY

OUT ITS ACTIVITIES IN U.S. UNDER A NEWLY CREATED SUBSIDIARY.

* VELAN INC ( VLNSF ) - ASBESTOS DIVESTITURE TO RESULT IN ONE-TIME

NON-CASH

CHARGE OF $67 MILLION

Source text:

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