Sonic selling stake in German lab tech GLP

Sonic Healthcare is selling its 85% stake in German lab tech firm GLP Systems for about $130m. (AAP)

Sonic Healthcare is selling its 85 per cent stake in German lab tech firm GLP Systems for about $130 million.

Sonic Healthcare is selling its 85 per cent stake in German lab tech firm GLP Systems for about $130 million and will use the proceeds to pay down debt and make other acquisitions.

The ASX-listed medical diagnostics firm says US-based Abbott is buying the whole of GLP, whose cutting-edge automation system has so far been installed in eight Sonic labs in Australia, the UK and Germany.

"Sonic has determined that GLP's potential will be more fully realised in conjunction with a suitable partner in the IVD (in vitro diagnostics) equipment market, and that GLP is not core to Sonic's business," Sonic said in a statement.

Source AAP

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