Haemonetics Corp., a blood management company based in Braintree, said it has completed its $550 million acquisition of the business assets of the blood collection, filtration, and processing product lines of Pall Corp.

The sales agreement was disclosed earlier this year.

The combined company is expected to generate greater than $1 billion of revenue in its full fiscal year 2014, Haemonetics said in a press release. Pall has approximately 1,300 employees, the company said.

The company also revealed that it has entered into a new $525 million credit deal with a group of lenders led by JPMorgan Chase and Citibank.

Haemonetics also reported net income of $9.8 million or 38 cents per share in the first quarter of fiscal 2013.