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ASSETS HELD FOR SALE
6 Months Ended
Jun. 30, 2011
ASSETS HELD FOR SALE  
ASSETS HELD FOR SALE

4.  ASSETS HELD FOR SALE

 

In March 2011, we finalized our plan to divest our manufacturing facility in Mitry-Mory, France.  As part of the transaction, the acquirer has agreed to continue the operation of the facility and the employment of all current personnel so that no restructuring charges will be required. We also intend to enter into an agreement with the acquirer to purchase an annual minimum amount of raw material used in the production of SPASFON.  As a result, we intend to transfer the facility for a nominal amount and recognized an impairment of $6.1 million in the first quarter of 2011.  We signed the Transfer Agreement with the acquirer for the transfer of the facility in April 2011 and we expect the facility to be transferred in the third quarter of 2011.  As of June 30, 2011, the remaining value of the facility included on our balance sheet was insignificant.