Cardinal Health, a manufacturer of healthcare products, said it will sell its Pharmaceutical Technologies and Services (PTS) segment to The Blackstone Group, a private investment and advisory firm, for about $3.3 billion.
The PTS business produces medication and other products for pharmaceutical and biotech firms, and has nearly 10,000 employees at over 30 facilities worldwide. It has annual revenues of about $1.8 billion.
In November, 2006, Cardinal Health, headquartered in Dublin, Ohio, revealed plans for divesting the PTS segment to focus resources on its four remaining businesses that service healthcare providers, such as hospitals and pharmacies.
Cardinal Health, an $81 billion company, has over 55,000 employees on six continents.