NEW YORK (AP) -- Diagnostic products company Trinity Biotech PLC said Wednesday it closed the sale of its blood coagulation business to Stago Group for $90 million.
Trinity said it received $67.5 million after closing the deal. An additional $11.25 million will be paid on the first anniversary of closing and the remaining $11.25 million on the second anniversary of closing.
A further $4 million will be released to working capital following the collection of existing accounts receivables.
Trinity said it used part of the current proceeds to repay bank debt and boost cash reserves.
The deal moves 320 Trinity employees to Stago, which will continue making coagulation reagents in Bray, Ireland and will invest in upgrading the facility. Stago, which is privately held, also takes over Trinity's manufacturing facility in Germany.
Shares of Trinity, based in Ireland, rose 7 cents to $6.10 in afternoon trading.