MANCHESTER, Conn., Jan. 30, 2015 (GLOBE NEWSWIRE) -- LYDALL, INC. (NYSE:LDL) announced today that it has completed the sale of Charter Medical, Ltd. ("Charter Medical"), a leading designer and manufacturer of specialty single-use products utilized in blood management, blood filtration and biopharmaceutical applications for the collection, processing, and storage of biological fluids. Charter Medical was acquired by a subsidiary of Fenner PLC (LSE:FENR) for a purchase price of $29.9 million.
"The divestiture of Charter Medical is clearly aligned with our strategy to focus our resources on our core businesses in the Thermal / Acoustical and the Filtration and Engineered Materials segments," said Dale Barnhart, President and CEO of Lydall, Inc. "We also believe that Fenner's focus on medical and life sciences applications, through its Solesis Medical Technologies group, offers an excellent platform for Charter Medical to continue to grow through providing its customers with customized and innovative single-use solutions."
Charter Medical, based in Winston-Salem, North Carolina, has a 25-year history of creating high-quality, single-use products for the healthcare and life sciences industries. The business has historically served niche applications within the blood transfusion market and provided subassemblies to OEMs in the blood filtration market. In recent years, Charter Medical has leveraged its expertise in single-use containers with industry-leading durability and temperature tolerance to address the high-growth bioprocessing and cell therapy markets. The Charter Medical business, reported by Lydall, Inc. as Life Science Vital Fluids, is not considered a reportable segment by Lydall, Inc. and as such is reported within Other Products and Services.
Fenner PLC is a U.K.-based producer of reinforced polymer products for mission critical applications in the energy, industrial, and healthcare markets, among others.
Lydall, Inc. is a New York Stock Exchange listed company, headquartered in Manchester, Connecticut with global manufacturing operations producing specialty engineered products for the thermal/acoustical and filtration/separation markets. For more information, visit http://www.lydall.com. Lydall(R) is a registered trademark of Lydall, Inc. in the U.S. and other countries.
C.W. Downer & Co., an independent global middle-market investment bank headquartered in Boston, Massachusetts, acted as exclusive financial advisor to Lydall, Inc., on this divestiture.