Harvard Bioscience sells German subsidiary for $1.7M
Jeff Duchemin, president and CEO, Harvard Bioscience in Holliston
Holliston life sciences manufacturer Harvard Bioscience announced Friday it sold its Germany liquid handling product maker for $1.7 million.
The company did not provide any other details on the disposition of AHN Biotechnologie GnbH, other than the subsidiary had $2.5 million in revenue for 2015.
Calls for comment were not immediately returned Friday morning.
The announcement was made in Harvard Bioscience's third quarter financial release, where it announced a loss $1.6 million – or 5 cents per share – for the quarter.
“We are also announcing the divestiture of our AHN subsidiary, which we have deemed to be non-strategic to our core assets. We remain confident in our business, our people and our long term strategy. We are focused on operational execution and results which we believe will, in turn, drive shareholder value,” President and CEO Jeffrey Duchemin said in a press release.
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