Layne intends to use the proceeds from the sale to reduce outstanding debt
Layne Christensen Co. sold all of the assets of its SolmeteX division to Gemini Investors, Riveria Investment Group and the management team of the SolmeteX division. Terms of the transaction were not disclosed. SolmeteX is a provider of dental amalgam separator devices and amalgam recycling services to the dental industry. Layne intends to use the proceeds from this sale to reduce outstanding debt.
"The sale of SolmeteX, a world-class provider of solutions relating to the dental industry, is consistent with our strategy to complete approximately $20 million in non-strategic, non-core asset sales in FY 2014," said Rene Robichaud, CEO of Layne. "SolmeteX remains a leader in the dental industry, backed by an experienced management team, and we wish them continued success."