Pall Corp. to sell unit for $550M

Port Washington-based filtration equipment manufacturer Pall Corp. says it has agreed to sell certain operations and equipment used in blood transfusions to health care company Haemonetics Corp. for $550 million.

The deal announced Sunday calls for Haemonetics, based in Braintree, Mass., to receive blood collection, filtration and processing systems and equipment, along with manufacturing facilities in California, Mexico and Italy from Pall. Some of Pall's assets in Puerto Rico are also included.

About 1,300 Pall employees will be transferred to Haemonetics as part of the deal.

"We are proud of our employees whose contributions to the blood market will now be strengthened by their alignment with Haemonetics," Pall president Larry Kingsley said in a statement. He said the sale will allow Pall to "increase its focus on business and markets where our competitive advantages are greatest."

Pall expects to record an after-tax gain of $230 million to $240 million, or $1.95 a share to $2.04 a share on the sale. The deal is expected to close at the start of Pall's 2013 fiscal year. The current fiscal year ends July 30.

Pall has about 500 employees on Long Island and 10,400 more worldwide, producing systems to process water, blood, beer, wine, milk and other liquids. It had revenues of $2.7 billion in fiscal 2011.

From staff and wire reports