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BREA, Calif., US: Envista, a dental equipment and supplies manufacturing company, has recently announced that it has closed the previously disclosed divestiture of its KaVo treatment unit and instrument business. The company says it will use the proceeds to fund strategic acquisitions and internal investments.
As previously reported by Dental Tribune International, a 51% stake of the KaVo treatment unit and instrument business was acquired by Planmeca, one of the largest privately owned manufacturers in the dental field, and the remaining 49% was bought by Heikki Kyöstilä, founder and president of Planmeca. According to Planmeca, the acquisition is planned to strengthen Planmeca’s and KaVo’s positions as leading providers of innovative dental solutions and to increase Planmeca Group’s annual revenue to over €1.1 billion (US$1.3 billion).
Upon closing the divestiture, Envista received US$317.3 million (€281 million) in cash and expects to receive total gross proceeds of US$383 million (€339 million), which includes an earnout and certain adjustments to be paid out in the first half of 2022.
Commenting on the announcement, Envista CEO Amir Aghdaei noted: “Envista is focused on its strategic priorities to build and optimise a more consumables and digitally enabled, workflow-oriented portfolio. This divestiture further enables Envista to invest organically and inorganically, expand our product offerings, and realise our purpose of partnering with dental professionals to improve patients’ lives by digitising, personalising, and democratising dental care.”
The business sold was part of Envista’s equipment and consumables segment. However, the company says it will keep its imaging business, which currently uses the KaVo brand for select products, as part of the same segment.
Additional details about the transaction will be set out in a Current Report on Form 8-K, which is to be filed by Envista and which will be available at www.sec.gov.