January 7, 2008 - Boston Scientific Corp. has completed the sale of its Cardiac Surgery and Vascular Surgery businesses to the Getinge Group of Sweden for $750 million in cash as part of a divestiture strategy to reduce expenses and simplify its operating model.
The news comes after the definitive agreement was announced on November 5, 2007. The company expects to record after-tax charges of approximately $240 million in connection with the transaction. These charges will be recorded during the fourth quarter of 2007 and the first quarter of 2008.
“We have now sold three of our five previously identified non-strategic businesses, and we expect to close on the remaining two, Fluid Management and Venous Access, this quarter," said Jim Tobin, president and chief executive officer of Boston Scientific. “These divestitures, along with our ongoing efforts to reduce expenses and simplify our operating model, should help us achieve our overall goals of restoring profitable growth, increasing shareholder value and strengthening Boston Scientific for the future.”
For more information: www.bostonscientific.com