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"Getinge buys Siemens Life Support Systems"

 

"Getinge buys Siemens Life Support Systems"

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“Getinge buys Siemens Life Support Systems”

   

 

                           

 

 

 

 

 

Getinge buys

Siemens Life Support Systems

for EUR 150 Million

 

 

August 18, 2003
 

 

Sweden's Getinge AB Friday said it has agreed to buy Siemens Life Support Systems, a division of Siemens Medical Solutions, for about EUR 150 million.

 

In addition, Getinge said it will assume net assets worth about EUR 50 million.

 

It said the cost of integrating Siemens LSS is expected to be at most EUR 25 million, resulting in a goodwill value of around EUR 175 million.

 

 

Assuming that the necessary approval from the relevant competition authorities is obtained according to plan, then Siemens LSS will be consolidated into Getinge's accounts from October this year.

 

The financing of the acquisition will be carried out using Getinge's existing credit facilities.

 

Getinge said Siemens LSS is expected to contribute to profits before tax of EUR 10 million-EUR 12 million in 2004 and EUR 17 million-EUR 20 million in 2005.

 

The long-term goal is for Siemens LSS' operating margin after goodwill to be 15%, and a business that is expected to generate sales this year of EUR 205 million.