GETINGE, Sweden–(BUSINESS WIRE)–Regulatory News: Getinge
receives approval of the relevant anti-trust bodies and finalizes the
acquisition of Atrium Medical Inc.
Getinge has been granted the approval of US anti-trust
authority FTC (Federal Trade Commission) to go ahead with the acquisition of
Atrium Medical Inc. The acquisition was finalized on 4 November, 2011, and will
be consolidated in Getinges accounts as of 1 November this year.
Atrium Medical has exclusively grown organically since its
inception. In the past five-year period, Atrium Medical has grown an average of
19% annually and its sales are expected to reach slightly more than USD 200
million in the current calendar year. Atrium Medicals headquarters, including
product development and production, are based in Hudson,
New Hampshire, in the US. Atrium
Medical sells its products through proprietary sales offices in the US, the UK,
Germany, France, the Netherlands,
India, Australia and New Zealand. In addition to direct
sales through proprietary market companies, Atrium Medicals products are also
sold through a network of international distributors. For the current year,
sales to customers outside the US
are expected to account for 30% of overall sales. Atrium Medical has about 700
employees worldwide.
Atrium Medicals product programme is primarily geared
toward the cardiovascular market and encompasses cardio-thoracic drainage
products, vascular grafts, balloon expandable covered stents, thrombus
management catheters and biosurgery products. Atrium Medical has a strong
pipeline of new products for the coming years, which are largely based on the
companys know-how and extensive expertise in the deployment of ePTFE in
medical-technical applications.
The purchase consideration for Atrium Medical amounts to USD
680 million (Enterprise Value), corresponding to an EV/EBIT multiple of 12.8
based on expected earnings in 2012. Atrium Medical is expected to be able to
continue expanding rapidly in line with its growth in recent years, and will
benefit from Getinges existing sales organisation, which features proprietary
representation in a significant number of markets in which the company is not
currently active. Excluding acquisition-related costs of about USD 6 million,
which will be charged to the fourth quarter of 2011, and excluding
restructuring costs of about USD 8 million, the acquisition is expected to
contribute somewhat to the Groups earnings per share in 2012. As of 2013, the
contribution to the Groups earnings per share is expected to rise rapidly.
Getinge changes AGM date Getinge ABs
AGM will be held at 2 p.m. on 28 March 2012 in the Congress Hall in Hotel
Tylösand, Halmstad. Any shareholders who wish to have an issue raised at the
AGM on 29 March 2012 should submit their request to Getinges Board Chairman
via e-mail to: [email protected]
or by mail to Getinge AB Attn: Bolagsstämmoärenden, Box 69, 305 05 GETINGE, Sweden. To be
certain of being included in the AGM agenda, the request must arrive at the
company no later than Wednesday 1 February, 2012.
GETINGE GROUP is a leading global provider of products and
systems that contribute to quality enhancement and cost efficiency within
healthcare and life sciences. We operate under the three brands of
ArjoHuntleigh, GETINGE and MAQUET. ArjoHuntleigh focuses on patient mobility
and wound management solutions. GETINGE provides solutions for infection
control within healthcare and contamination prevention within life sciences.
MAQUET specializes in solutions, therapies and products for surgical
interventions and intensive care.
The information is such that Getinge AB must disclose in
accordance with the Swedish Securities Market Act and/or the Financial
Instruments Trading Act.
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