Gelsenkirchen, Germany -- Masterflex AG, a specialist polyurethane hose manufacturer, has completed the disposal of its medical applications subsidiary Angiokard GmbH & Co. KG, the company said 30 Nov.
The subsidiary, which has been part of the Masterflex Group since 2000, made revenue of Euro 14.9 million ($22.4 million) in 2008.
The extra liquidity from the sale of the mobility unit will reduce the company's net debt to Euro 47.2 million, the statement said, adding that debt has already been reduced by 20 percent in one year.
The move is part of Masterflex's policy to dispose on "non-core activities which do not offer synergies with its profitable core High-Tech Hose Systems business." The company is assuming a sale period of 1-2 years. (RD)"
