VIASYS Healthcare acquires Micro Medical
15 March 2005
CONSHOHOCKEN, Pa, USA. VIASYS Healthcare Inc. (NYSE:VAS) has announced
that it has signed a definitive agreement to acquire Micro Medical Ltd for a
purchase price of approximately $39 million. In addition, in the transaction
VIASYS is assuming approximately $1.2 million in net debt and has agreed, in
certain circumstances, to make a contingent payment related to the sales of
a new product and a contingent payment related to performance targets.
Micro Medical, based in Chatham, UK, had 2004 revenues of approximately
$16 million and has a global presence in hand-held and desk top devices for
respiratory measurements used to diagnose and monitor asthma, Chronic
Obstructive Pulmonary Disease (COPD) and bronchitis.
Micro Medical is one of the world's leading manufacturers of turbine
spirometers and also produces products for respiratory muscle measurement,
smoking cessation, lactose intolerance and arterial measurements. Micro
Medical's other products include the PULSE TRACE(TM) system, an innovative
system for measuring arterial stiffness. Arterial stiffness has been shown
to be a risk factor of cardiovascular disease. The products are oriented to
physician office practice and primary care.
Ed Pulwer, Group President, VIASYS Respiratory Care, said, "This is a
very exciting acquisition for VIASYS and brings us an outstanding company in
one of the fastest growth segments of respiratory diagnostics. The continued
rise in the incidence of asthma and COPD, and the financial burden
associated with chronic respiratory disease, has resulted in medical
professionals and governments calling for early diagnosis, intervention and
management of these patients. Micro Medical products are innovative as well
as cost-effective, and their simplicity of use makes them well-suited to use
in primary care. I believe the combined strength of Micro Medical in
spirometry, and the recognized market leadership of VIASYS' brand names,
JAEGER(TM) and SENSORMEDICS(R), for respiratory diagnostics, will prove to
be a winning combination."
Daniel Quirke, Managing Director, Micro Medical, commented, "VIASYS is a
great fit for Micro Medical. Over half of our revenues come from the United
Kingdom, and the VIASYS reputation, global distribution, and product support
capabilities will greatly enhance our international efforts. While we have
been very successful in our marketing efforts in the United Kingdom, we do
not believe we have tapped the growth potential in markets such as the USA,
Germany, Japan and China."
Randy Thurman, Chairman, President and CEO, VIASYS Healthcare Inc.,
commented, "The acquisition of Micro Medical expands VIASYS' product line
and accelerates our strategy of adding strategically valuable products,
technologies, and distribution in the respiratory and neurological markets."
For more information on the companies see: