Chemed to Sell Health Unit for $70 Million
Chemed Corp., which owns plumbing and drain-cleaning service Roto-Rooter, agreed to sell its Patient Care Inc. unit to investors led by Schroder Ventures Life Sciences Group for $70 million in cash.
Patient Care sells home health-care services mostly in New York, New Jersey and Connecticut, Chemed said. The unit had $139.2million in sales last year.
The sale of Patient Care will allow Chemed to concentrate on its maintenance and repair business, Chief Executive Kevin McNamara said. Proceeds from the sale will be invested in Roto-Rooter, he said.
Schroder Ventures Life Sciences Group has offices in Boston, London and San Francisco.
Shares of Cincinnati-based Chemed rose 42 cents to $38.51 on the NYSE.
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