Sigma-Aldrich Signs Letter Of Intent To Sell Eia Product Line
Sigma-Aldrich announced that as a result of its efforts to review the direction for its Diagnostics business it has received an offer and signed a non-binding letter of intent to sell its Enzyme immunoassay (EIA) product line to IVAX Diagnostics, Inc.. Terms of the offer were not disclosed. If such negotiations are successful an agreement to consummate the transaction could be reached in the second quarter.
At the beginning of 2000, the Diagnostics business unit began efforts to refocus on niche opportunities, with a three-year plan to restore its contribution toward the overall Company's targets to achieve sales and profit growth of 10%. Results in Diagnostics through 2001 have not met expectations. The EIA products, which are supplied by third party vendors and marketed by the Diagnostics business unit, represent less than 10% of that unit's sales and roughly 0.5% of total sales for Sigma-Aldrich. This product line had a modest adverse impact on overall Sigma-Aldrich profitability.
Management does not believe that the proposed EIA transaction in and of itself should affect the price of Sigma-Aldrich stock.
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