Trinity Biotech has entered into a binding agreement for the sale of its worldwide Coagulation business to the Stago Group for $90m
Disposal of the Coagulation business
Trinity Biotech has entered into a binding agreement for the sale of its worldwide Coagulation business to the Stago Group for $90m. Of the consideration, $67.5m will be paid on closing, $11.25m on the first anniversary of closing and the remaining $11.25m on the second anniversary of closing.
In total, 320 Trinity employees will transfer to Stago and all their contractual rights and benefits under their existing employment arrangements will be honoured. Stago has committed to continue manufacturing coagulation reagents in Bray, Ireland and will invest in upgrading this facility.
They will also take over the German factory where they will continue to manufacture the Destiny range of instruments.
In addition, a number of Trinity sales and marketing personnel in the USA, UK, Germany and France will transfer to Stago.
Consequently, the active contracts with customers and distributors will be assigned to Stago under their existing terms and arrangements.