Owens & Minor Inc. (NYSE: OMI), Richmond, Virginia, on Thursday announced the completion of the sale of its European logistics business, Movianto, to EHDH Holding Group, a European provider of health care logistics.
“Today’s divestiture enables Owens & Minor to concentrate focus on our strategic pillars – Products, Services and Distribution – and to continue expanding our PPE manufacturing capacity in the U.S. and North America,” said Edward A. Pesicka, president and CEO of Owens & Minor. “This transaction also contributes to the continued financial and operational strength of Owens & Minor.”
In January, Owens & Minor announced its intention to sell the European logistics business, with $133 million in proceeds from the sale to be used to further reduce company debt. In addition, on June 5, the company announced a tender offer for its outstanding senior notes due in 2021, to further improve long-term financial stability.