(Reuters) - Pall Corp said on Sunday it agreed to sell some of its blood collection, filtration and processing product lines to Haemonetics Corp for about $550 million.

Under terms of the agreement, about $535 million will be paid upon closing at the start of Pall's fiscal year 2013.

Pall, based in Port Washington, New York, on Long Island, said it expects to record an after-tax gain of $230 million to $240 million, or $1.95 to $2.04 per share, as a result.

The transaction will involve the transfer of manufacturing facilities in Covina, California; Tijuana, Mexico; Ascoli, Italy; and a portion of Pall's operations in Fajardo, Puerto Rico.

(Reporting By Steve James; Editing by Leslie Adler)