Packard Bioscience Agrees to Sell Canberra Industries to COGEMA - Completion of Sale Expected Within Three Months -.

PR Newswire | November 29, 2000 | Copyright

MERIDEN, Conn., Nov. 29 /PRNewswire/ --

Packard BioScience Company (Nasdaq: PBSC) announced today that it has agreed to sell Canberra Industries to COGEMA (Velizy Cedex, France) for $170 million. According to Packard, the estimated net proceeds after tax is expected to be in the range of $115 to $130 million, an amount earmarked for research and development, general working capital and to pay down its debt. COGEMA's stated plans are to grow the Canberra business under the leadership of its existing management and retain the Meriden, CT headquarters.

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