(Alliance News) - ECO Animal Health Group PLC said on Thursday that it had disposed of one of its non-core product lines.
The London-based animal health company with a portfolio of marketed veterinary products sold its ECOmectin Horsepaste product to the Italian firm ACME Drugs SRL.
The total consideration of the transaction is EUR1.3 million. An initial instalment of EUR500,000 has already been paid, with two further payments of EUR400,000 scheduled 18 and 36 months after completion respectively.
In the year ending March 31, 2024, the revenue derived from the business totalled GBP814,000. The decision to dispose of the product line aligns with the company's vision to streamline the business and focus on its core pig and poultry products.
Chief Executive Officer David Hallas said: "We continue to look for value accretive opportunities both within our portfolio and outside and for opportunities to reinvest in our R&D pipeline to support future growth."
Eco Animal shares were down 2.5% to 82.84 pence each in London on Thursday afternoon.
By Elijah Dale, Alliance News reporter
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Eco Animal (EAH)