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J&J considers selling wound care division
One Equity Partners is on a shopping binge, it appears. The company, which recently purchased Prodigy Health Group for $110 million, has made an undisclosed offer to buyout the wound care portion of J&J's Ethicon division, which had $270 million in sales last year.
If the deal goes through, J&J will hand over the keys to its manufacturing facility in Gargrave England, along with an assortment of dressings and wound care products, including a prescription gel for diabetic leg ulcers. Ethicon's full-time 600 employees and 200 contractors would become employees of One Equity as part of the deal.
One Equity manages investments for JP Morgan Chase. The company gave J&J until August 22 to make a decision. Overall, Ethicon generated $3.5 billion in sales in 2007. The offer is irrevocable and unconditional. If J&J accepts, it will likely close this year.
- get the story from the New York Times.
- read about the dealsat the DealBook blog
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