Subsequent Events

3 Months Ended

Mar. 31, 2015

Note 19 Subsequent Events

As described in Note 3, “Divestiture”, on April 1, 2015, we completed the sale of our North American foam trays and absorbent pads business to NOVIPAX, a portfolio company of Atlas Holdings LLC, for gross proceeds of $82 million, subject to purchase price adjustments. The sale included our manufacturing facilities in Paxinos and Reading, PA, Indianapolis, IN, Rockingham, NC and Grenada, MS. We expect to recognize a pre-tax gain of approximately $30 million on the sale, subject to purchase price adjustments. Also, in connection with the closing, the Company and NOVIPAX entered into various other agreements, including an Intellectual Property License Agreement, Supply Agreements, a Sublease Agreement, Temporary Occupancy License Agreements and a Transition Service Agreement.

On March 16, 2015, we announced that we will realign our business in Asia, Middle East, Africa and Turkey (AMAT) in order to accelerate growth opportunities in countries across the region. We will create three clusters to be together referred to as Asia Pacific:

·	Greater China

·	India / Southeast Asia

·	Australia / New Zealand / Japan / Korea

In addition, we will transition the Middle East, Africa and Turkey countries into our existing European regional organization, to be broadly referred to as EMEA, with more details regarding this refined structure to be provided in the near term. The new regional organization is effective starting from April 15, 2015.