Layne Christensen Company said Thursday that it has sold SolemeteX to Gemini Investors, Riviera Investment Group and the management team of the SolemeteX division. No financial terms were disclosed about the transaction, which was completed on July 31, 2013. Based in Northborough, Mass., SolemeteX is a provider of dental amalgam separator devices.
MISSION WOODS, Kan., Aug. 8, 2013 (GLOBE NEWSWIRE) — Layne Christensen Company (Nasdaq:LAYN) (“Layne” or the”Company”) today announced that on July 31, 2013 it 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 leading 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.
Rene Robichaud, Chief Executive Officer of Layne, said, “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. SolmeteX remains a leader in the dental industry backed by an experienced management team and we wish them continued success.”
Layne Christensen Company
Layne is a global water management, construction and drilling company, providing responsible solutions to the world of essential natural resources – water, mineral and energy. We offer innovative, sustainable products and services with an enduring commitment to safety, excellence, and integrity.