Kirschner Medical to sell Spanish unit for $8.1 million

January 05, 1993|By Liz Bowie | Liz Bowie,Staff Writer

Kirschner Medical Corp. said yesterday that it would sell its Spanish subsidiary, Industrias Quirurgicas de Levente, for about $8.1 million to a group of investors headed by Granville Iberia S.A.

Although the company's Spanish subsidiary has produced profits for Kirschner, the Timonium-based orthopedic company said it was selling the unit because of liquidity problems caused by slow payments from the Spanish government.

To keep the unit operating, Kirschner said it would have had to invest "substantial additional capital."

Kirschner is trying to recover from substantial debt it incurred in the late 1980s and said it wants to concentrate its capital on its domestic business.

Granville Iberia S.A. is an affiliate of a London-based venture capital firm, Granville S.A., which specializes in management buyouts.

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