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News

Nordion divests several Belgian operations to Best Medical

Nordion : 04 April, 2011  (Company News)
Best Medical acquires all shares of MDS Nordion SA, located in Fleurus, Belgium. Best Medical will be operating three of the four Belgian lines of business:
The three businesses include:

- Agiris (non-destructive testing equipment and sources)

- Glucotrace (imaging agent)

- Radiochemical business (generic cyclotron and reactor isotopes)

The fourth business, TheraSphere, a targeted liver cancer treatment, is retained by Nordion and is not part of this transaction.

'We are pleased with the outcome of this divestiture,' said Nordion Chief Executive Officer, Steve West. 'This agreement with Best is aligned with our strategy to reduce complexity, manage costs and focus on those product lines the Company believes can generate positive, long-term returns for our shareholders.'

Under the terms of this agreement, Best Medical has acquired all the employees in Belgium, including related benefit and pension plans, except employees directly supporting the TheraSphere business. Best Medical has also acquired the Belgian facilities, including current and future decommissioning and waste disposal requirements. As part of the agreement, Nordion will leave approximately US$18 million in capital in the business.

'Best is committed to providing former MDS Nordion SA customers with a smooth transition,' said Best Medical Chief Executive Officer, Krish Suthanthiran. 'We will continue to deliver a quality product and we anticipate little to no impact on clients. Our company wants to expand and this acquisition represents an excellent growth opportunity founded on well-established, proven products.'
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