Velan divests asbestos liabilities for $143 million and sells French subsidiaries for $175.2 million

From GlobeNewswire: 2025-01-14 23:41:50

Velan Inc. has entered into agreements to divest its asbestos-related liabilities for US$143 million and to sell its French subsidiaries for US$175.2 million, strengthening its financial position. The divestiture will remove all asbestos-related liabilities, while the sale of subsidiaries supports French sovereign interests. The company will focus on clean energy solutions and plans to be virtually debt-free after these transactions. The sale of the French subsidiaries is subject to approval by Velan’s shareholders. Velan Inc. is a leading manufacturer of industrial valves with sales of US$346.8 million. Strategic initiatives aim to unlock inherent value and drive sustained profitable growth.



Read more at GlobeNewswire: Velan Announces Major Strategic Initiatives