09:28 AM EDT, 03/31/2025 (MT Newswires) -- Velan ( VLNSF ) , a global manufacturer of industrial valves, on Monday closed the sale of its French units, Segault and Velan ( VLNSF ), to Framatome, a nuclear steam supply systems designer.

Velan's ( VLNSF ) French units were sold for US$184.1 million, with the benefit of the transfer of an intercompany loan of US$24.4 million, for total consideration of US$208.4 million.

The company plans to use a portion of the proceeds to fund the permanent divestiture of its asbestos-related liabilities to an affiliate of Global Risk Capital at a cost to the company of US$143 million. Closing of the Asbestos divestiture transaction is expected to occur next week, the company added.

Shares of the company closed up 2% to $16.30 on Friday on the Toronto Stock Exchange.