Medical company Quest Diagnostics (NYSE:DGX) announced in a press statement early Monday that it has agreed to sell its HemoCue diagnostics business, a division that makes and markets hemoglobin, glucose, and other testing products, to Radiometer Medical.

Quest expects the sale -- for $300 million along with adjustments for cash balances -- to be completed in March. The company plans to use the money to contribute to its stock-buyback program.

Quest CEO and President Steve Ruscowski elaborated on the sale in his company's release, saying, "The HemoCue divestiture, along with our sale of OralDNA in December 2012, demonstrates our commitment to refocus our business on diagnostic information services."

Quest first announced the sale in January.