ALPHARETTA, Ga., May 1, 2018 /PRNewswire/ -- Halyard Health, Inc.
(NYSE: HYH) today announced the completion of the previously
disclosed divestiture of its S&IP business to Owens and Minor,
Inc. (NYSE: OMI) for $710 million,
subject to certain adjustments as provided in the Amended and
Restated Purchase Agreement. Halyard intends to use the
approximately $600 million in net
proceeds from the sale to pay off its existing Term Loan B credit
facility and to fund internal investment and M&A.
"The divestiture of S&IP transforms us into a focused,
pure-play medical devices business with a clear playbook for solid
revenue and earnings growth," said Joe
Woody, Halyard chief executive officer. "The additional
financial capacity will fund our dual-track growth strategy,
focused on product innovation and strategic M&A and underpinned
by a commitment to commercial excellence."
About Halyard Health
Halyard Health (NYSE: HYH) is a
medical technology company focused on delivering clinically
superior breakthrough medical device solutions to improve patients'
quality of life. Headquartered in Alpharetta, Georgia, Halyard is committed to
addressing some of today's most important healthcare needs, such as
reducing the use of opioids while helping patients move from
surgery to recovery. Halyard develops, manufactures and markets its
recognized brands in more than 90 countries. For more information,
visit www.halyardhealth.com.
Forward-Looking Statements
This press release contains
information that includes or is based on "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are based on the
current plans and expectations of management and are subject to
various risks and uncertainties that could cause our actual results
to differ materially from those expressed or implied in such
statements. Forward-looking statements include all statements that
do not relate solely to historical or current facts, and can
generally be identified by the use of words such as "may",
"believe", "will", "expect", "project", "estimate", "anticipate",
"plan", or "continue" and similar expressions, among others. Such
factors include, but are not limited to: weakening of economic
conditions that could adversely affect the level of demand for our
products; pricing pressures generally, including cost-containment
measures that could adversely affect the price of or demand for our
products; S&IP separation execution; changes in foreign
exchange markets; legislative and regulatory actions; unanticipated
issues arising in connection with clinical studies and otherwise
that affect U.S. Food and Drug Administration approval of new
products; changes in reimbursement levels from third-party payors;
a significant increase in product liability claims; the impact of
investigative and legal proceedings and compliance risks; the
impact of the federal legislation to reform the United States healthcare system; changes
in financial markets; and changes in the competitive environment.
Additional information concerning these and other factors that may
impact future results is contained in our filings with the U.S.
Securities and Exchange Commission, including our most recent Form
10-K and Quarterly Reports on Form 10-Q.
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SOURCE Halyard Health, Inc.
