November 29, 2000
Meriden, Connecticut, Nov. 29 (Bloomberg) Packard BioScience Co., a maker of measurement and analytical instruments, said it sold its Canberra Industries nuclear-measurements unit to France’s Cogema for $170 million.
Canberra, based in Meriden, Connecticut, makes tools used in nuclear-power plants. Cogema, a unit of CEA Industrie, will keep Canberra’s headquarters as the base for its nuclear-measurement business, Packard BioScience said.
Packard BioScience, also based in Meriden, makes analytical instruments for pharmaceutical companies and others in life- sciences industry. It expects to get $115 million to $130 million from the sale after taxes and to use the money for research and to pay off debt. It had about $120 million in debt as of Sept. 30, spokesman Mike Zebarth said.
Packard BioSience shares rose 44 cents to $10.06 in midmorning trading. They had risen 6.9 percent since their initial sale to the public in April. CEA Industrie rose 2.7 euros to 149.9 euros.
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