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Neogen Completes Sale of Cleaners & Disinfectants Business to Kersia Group

LANSING, Mich.--(BUSINESS WIRE)-- Neogen Corporation (NASDAQ: NEOG), a global leader in food safety solutions, announced today it has completed the divestiture of its global cleaners and disinfectants business to Kersia Group for $130 million in cash at closing, plus contingent consideration tied to future performance of the business.

鈥淭he completion of this transaction marks an important step forward in simplifying and enhancing the strategic focus on our core business,鈥� said John Adent, President and Chief Executive Officer of Neogen. 鈥淲e are confident that Kersia is the right long-term owner for this business and its team, and we thank them for their collaboration throughout the process.鈥�

Net proceeds from the transaction will be used to repay $100 million of debt in the current quarter and are expected to reduce the company鈥檚 net leverage by approximately 0.4x on a pro forma basis.

About Neogen

Neogen Corporation is committed to fueling a brighter future for global food security through the advancement of human and animal well-being. Harnessing the power of science and technology, Neogen has developed comprehensive solutions spanning the Food Safety, Livestock, and Pet Health & Wellness markets. A world leader in these fields, Neogen has a presence in over 140 countries with a dedicated network of scientists and technical experts focused on delivering optimized products and technology for its customers.

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Source: Neogen Corporation