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Haemonetics Signs Definitive Agreement to Acquire Pall Corporation's Blood Collection, Filtration and Processing Product Lines For $551 Million
Date:4/29/2012

products accelerates Haemonetics' entry into the whole blood collection market and provides resources to facilitate the development of new products in a competitive and highly regulated market.   

Haemonetics will continue to advance its ongoing initiatives aimed at delivering a first whole blood automation package over the next several years.  This will include a new donation workflow module in a software suite, a communications tower for "plug and play" ease of use via a new handheld interface, two peripherals to make the system paperless and smart devices with full data integration and wet set consumables.  The commercial risks associated with this initiative are expected to be diminished and its market acceptance facilitated by established customer relationships.

"Pall's advanced technologies in the area of transfusion medicine align perfectly with Haemonetics' vision and strategy. This transaction will combine the diverse resources of two industry pioneers and immediately extend Haemonetics' already comprehensive array of blood management solutions," said Larry Kingsley, President and Chief Executive Officer of Pall Corporation. "At the same time, it will enable Pall to focus on markets and opportunities where we are best positioned for growth."

Under terms of the agreement, $536 million of the purchase price will be paid upon closing.  Haemonetics intends to finance this with $475 million of new borrowings under term loans plus $61 million existing cash on hand.  J.P. Morgan Securities LLC and Citibank, N.A.  are joint lead arrangers and joint bookrunners for the new term loans.  The remaining $15 million will be payable upon Pall Corporation's replication and delivery of certain manufacturing assets of the filter media business to Haemonetics by 2016.  Until that time, Pall will manage these media assets under a supply agreement.

The purchase price equates to approximately 8 times
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SOURCE Haemonetics Corporation
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