Source - SMW
Fenner has sold Xeridiem Medical Devices to PPC Industrie for a consideration of $10.5 million, payable in cash.

Xeridiem is a manufacturer of minimally-invasive catheters and other single-use medical devices; it is located in Tucson, Arizona.

During the year ended 31 August, Xeridiem achieved an operating profit of $0.2 million before certain non-recurring items and had gross assets of approximately $3.2 million.

The proceeds of the sale will initially be used to reduce Fenner's net indebtedness.

Chief executive Mark Abrahams said: "Fenner has recently invested significantly in its medical businesses, most particularly through the acquisition of Charter Medical in January 2015 and the construction of state of the art, purpose-built facilities for Secant Medical, which have now entered the testing and certification phases. 

"Together, these businesses provide a platform for exploiting our knowhow in new and growing fields to support our customers' ambitious growth plans.

"We believe Xeridiem will bring more synergies to the acquirer whilst the mutually beneficial deal will allow us to focus on the significant growth opportunities in Secant and Charter."   

At 9:08am: (LON:FENR) Fenner PLC share price was +2.38p at 168.63p