Becton Dickinson & Co. (NYSE:BDX) said it agreed to sell its BD Biosciences – Discovery Labware unit to Corning Inc. (NYSE:GLW) for about $730 million in cash.
The deal, which excludes BD’s advanced bioprocessing platform, is aimed at sharpening its focus on its bioscience and instrumentation businesses, according to executive vice president William Kozy.
"This sale will enable our BD Biosciences segment to focus resources and management attention on both our recent Biosciences acquisitions and our recently launched new instrumentation products, which are essential to our accelerated growth efforts," Kozy said in prepared remarks.
The divestiture is slated to close by the end of the year. BD said the assets are forecast to put up about $235 million in revenues and between 23¢ and 27¢ in profits for fiscal 2012.
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