WASHINGTON (dpa-AFX) - Solventum Corporation (SOLV) Tuesday said that it has completed the sale of its Purification & Filtration business to Thermo Fisher Scientific Inc. (TMO) for $4 billion in cash.
As previously announced, the company plans to use the net proceeds of $3.4 billion primarily to pay down debts.
Additionally, Solventum has updated its full-year outlook to reflect the partial year increase of the accelerated divestiture of Purification & Filtration business.
Solventum currently expects adjusted EPS to be in the range of $5.88 - $6.03, up from the previous outlook of $5.80 - $5.95.
Analysts on average expect the company to report earnings of $5.88 per share for the year. Analysts' estimates typically exclude special items.
The company continues to expect organic sales growth of 2%-3%.
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