Reuters: Mergers News: TEXT-S&P: Pall Corp ratings, outlook unchanged by asset sale

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TEXT-S&P: Pall Corp ratings, outlook unchanged by asset sale Apr 30th 2012, 17:57 Tweet Share this Email Print Related Topics Stocks » M&A » Bonds News » Bonds » Markets » Healthcare » Industrials » Mon Apr 30, 2012 1:57pm EDT April 30 - Standard & Poor's Ratings Services today said that its ratings and outlook on U.S.-based filtration equipment manufacturer Pall Corp. (BBB/Positive/A-2) are not affected by the company's announcement that it will sell assets of its blood collection, filtration, and processing product lines to Haemonetics Corp. (not rated) for approximately $550 million. The company expects the transaction to close in early fiscal 2013 (fiscal year ends in July) and for aftertax proceeds to be $430 million at that time. The company has indicated that acquisitions or share repurchases are some potential uses of proceeds. The sale will reduce product diversification. The sold business represents about 10% of the company's trailing-12-month total segment profit. Still, we believe Pall's remaining portfolio of businesses will continue to support a "satisfactory" business risk profile assessment and has the potential to support a higher rating, as we indicate by our positive outlook. Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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