Weatherford To Sell Its Laboratory Services Business - Quick Facts

(RTTNews) - Weatherford International plc (WFT) announced a definitive agreement to sell its laboratory services business to a group led by CSL Capital Management, L.P. for $205 million in cash. Upon closing, Weatherford will use the proceeds to reduce its debt.

Weatherford will divest its laboratory and geological analysis business, including personnel and associated contracts. The company noted that this transaction is one in a series of planned divestitures intended to maximize Weatherford shareholder value by refocusing the company's portfolio on core businesses most closely aligned with its long-term strategy and to reduce its debt.