Producer of thermal/acoustical and filtration/separation products, Lydall has completed the sale of its subsidiary, Charter Medical to Fenner.
Charter is a manufacturer of specialty single-use products utilised in blood management, blood filtration and biopharmaceutical applications for the collection, processing and storage of biological fluids.Producer of thermal/acoustical and filtration/separation products, Lydall has completed the sale of its subsidiary, Charter Medical to Fenner. Charter#
Charter Medical was acquired also by a subsidiary of Fenner for a purchase price of $29.9 million.
Charter Medical, based in 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 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 as Life Science Vital Fluids, is not considered a reportable segment by Lydall and as such is reported within Other Products and Services.
Fenner is a UK-based producer of reinforced polymer products for mission critical applications in the energy, industrial, and healthcare markets, among others.
"The divestiture of Charter Medical is clearly aligned with our strategy to focus our resources on our core businesses in the thermal, acoustical, filtration and engineered materials segments," said Dale Barnhart, CEO of Lydall.
He added, "We also believe that Fenner's focus on medical and life sciences applications offers an excellent platform for Charter Medical to continue to grow through customised and innovative single-use solutions." (AR)
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