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Thermo said it will use the cash to pay $250 million of a $570 million credit line it entered when it acquired Kendro Laboratory Products earlier this month. Thermo acquired the company for $833.5 million in cash.
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The Kendro business is expected to be folded into the Bioscience Technologies segment of Thermo's Life and Laboratory Sciences business unit, which focuses on the sample-prep portion of the laboratory workflow market.
Before being acquired by Thermo, Kendro was a business unit of SPX Corporation, where it designed, manufactured, marketed, and serviced a range of laboratory equipment for sample preparation, processing, and storage used in drug discovery and clinical laboratories.