Neogen Corporation has announced the completion of the sale of its global cleaners and disinfectants business to Kersia Group for $130 million in cash, with additional contingent consideration based on future performance. This move is part of Neogen's strategy to simplify and enhance its focus on core business areas. The net proceeds from this transaction will be used to repay $100 million of debt within the current quarter, which is expected to reduce the company's net leverage by 0.4x on a pro forma basis. Neogen's President and CEO, John Adent, expressed confidence in Kersia as the right long-term owner for the business.
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