Kirschner Medical Corp. said it has agreed to sell its veterinary orthopedic business and its 77,000 square foot manufacturing facility in Timonium to the privately held Osteo-Technology International Inc.
Terms were not disclosed. Kirschner's veterinary business had sales last year of $1.5 million.
Kirschner announced in May that it planned to sell the Timonium facility.
The financially strapped firm late last month concluded an agreement with Maryland National Bank to restructure $17.3 million in debt. The agreement was contingent upon a decrease in debt or an increase in equity, Kirschner said.