Item 7.01 Regulation FD Disclosure.

As previously announced, Haemonetics Corporation (the "Company") entered into a definitive agreement on June 2, 2020 to sell its Fajardo, Puerto Rico manufacturing operations to GVS, S.p.A. ("GVS"), a leading provider of advanced filtration solutions for critical applications (the "Agreement"). Under the terms of the Agreement, upon closing, the Company will retain all intellectual property rights to its proprietary blood filters currently manufactured at its Fajardo facility while GVS will obtain certain operating assets, including manufacturing equipment and inventory and a sublease to the facility, for approximately $13 million in cash, which includes the anticipated transfer of approximately $5 million in positive net working capital to GVS as of closing (the "Transaction").

In connection with the proposed Transaction, the Company and GVS will also enter into a long-term supply and development agreement that will, among other things, grant GVS exclusive rights to manufacture and supply the blood filters currently produced at the Fajardo facility for the Company. The Company will also provide certain transition services to GVS under a transition services agreement to be entered into between the parties, generally for a period of up to three months following the closing of the Transaction.

The Transaction is expected to close in the second quarter of calendar 2020, subject to the satisfaction of customary closing conditions. A copy of the Company's June 3, 2020 press release announcing the Transaction is attached to this Current Report on Form 8-K as Exhibit 99.1.

Cautionary Note Regarding Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements about the Transaction, including, but not limited to, statements related to the anticipated closing of the Transaction, the estimated cash proceeds to be received and other statements that are not historical facts. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties, which include, without limitation, the risks that the Transaction may not close in a timely manner or at all, that the Company may not realize the anticipated benefits of the Transaction or that the Transaction may have an unanticipated impact. Investors should consult the Company's filings with the Securities and Exchange Commission (including the Company's reports on Forms 10-K, 10-Q and 8-K) for information about additional risks and uncertainties that could cause the Company's actual results to differ materially from these forward-looking statements. The Company undertakes no duty or obligation to update any forward-looking statements contained in this Current Report on Form 8-K as a result of new information, future events or changes in its expectations.




Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number       Description
  99.1               Press release dated June 3, 2020.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses