Covetrus sells off subsidiary, while IDEXX promotes senior execs

Two of the state’s largest public companies are making organizational changes extending far from Maine.

Covetrus Inc., the Portland-based supplier of animal-health products and services, is selling off a German subsidiary in order to pay down debt. And veterinary diagnostics provider IDEXX Laboratories, headquartered in Westbrook, is promoting five executives in its business serving the international pet-care market.

Covetrus (Nasdaq: CVET) plans to sell scil animal care co. to Colorado-based Heska Corp. (Nasdaq: HSKA), a manufacturer of veterinary specialty products, for $125 million in cash, according to a news release Tuesday. Proceeds are expected to help Covetrus reduce its net debt and improve its leverage position, the company said. Read more

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