NEW YORK, Oct 31 – Packard BioScience said Tuesday it expects to complete the sale of its Canberra Industries subsidiary, a move that would allow the company to expand its life science business.
Mike Zebarth, a spokesman for Packard BioScience, confirmed that the proceeds from the sale would be used to step up the company’s life science efforts, however, he declined to comment on whether that would be done through acquisitions or organic growth.
He also declined to say how much he expected Canberra, a maker of instruments used to detect radioactive materials for the nuclear industry, to be sold for or who the potential buyer was.Packard BioSciences’ other subsidiary, Packard Instrument, manufactures such products as microwell plate readers, imaging systems, bioanalytical spectrometers, and biochemicals.
Canberra will be accounted for as a discontinued operation in all periods represented in Packard’s upcoming earnings release.
The company also announced that its board of directors had elected Frank Witney to the offices of president and chief operating officer of Packard BioScience and President of the company's wholly-owned subsidiary, Packard Instrument Company. He will succeed Richard McKernan, who is retiring. Witney previously worked at Bio-Rad Laboratories.