Becton, Dickinson and Company (BD) has agreed to divest its Surgical Instrumentation platform to Irish medical equipment company Steris for $540m.

The Surgical Instrumentation platform is part of the US medical technology company’s BD Surgery business, within the BD Interventional segment.

It includes V Mueller, Snowden-Pencer and Genesis branded products and three manufacturing facilities located in St. Louis in Missouri, Cleveland in Ohio and Tuttlingen in Germany.

Also, it includes the transfer of around 360 employees, associated with the surgical instrumentation platform to Steris, upon closing.

The transaction is expected to close within 30 September 2023, subject satisfaction of customary closing conditions and US Federal Trade Commission (FTC) regulatory approval.

BD Interventional segment president Rick Byrd said: “The Surgical Instrumentation platform has a 120-year legacy of providing reliable and trusted high-quality products, and Steris is well positioned to maximise the value of this extensive portfolio and is fortunate to be adding such a dedicated and talented team to its organization.

“This transaction further advances the BD Interventional segment’s focus on high-growth end markets. We look forward to continuing to address unmet needs in health care through a highly differentiated and innovative set of solutions and products.”

BD said the sale of its platform is an important step in the BD 2025 strategy, which aims to simplify its product portfolio and manufacturing network.

The company intends to use the cash proceeds from the transaction according to its capital allocation priorities, to enable a continued durable growth profile.

Steris is a medical equipment company specializing in sterilisation and surgical products for the US healthcare system, with global sales of $5bn.

The company has more than 17,000 dedicated associates worldwide, providing a portfolio of infection prevention and other procedural products and services.

BD said that its surgical instrumentation platform will complement Steris’ Healthcare segment and help meet hospitals’ and surgery centres’ product and service needs.