STOCKHOLM, Sweden, Oct. 9, 2003 (PRIMEZONE) -- Acquisition of Siemens LSS (Life Support Systems) approved by competition authorities.
Getinge (Other OTC:GNGBF) today announces that the acquisition of Siemens LSS has been approved and that the transaction has been finalized The acquisition of Siemens LSS, published by Getinge 15 August 2003, was conditional on the approval of competition authorities concerned.
Getinge today announces that all competition authorities have approved the acquisition. The condition for the acquisition has thus been fulfilled and the transaction with Siemens has been finalized.
As previously announced, Siemens LSS, along with the German company Drager Medical, is the global market leader for ventilation machines for the hospital market, with a market share of almost 30%. In the anaesthesiology product area LSS' market share is around 6% globally and puts the company in third place after Instrumentarium of Finland and Drager of Germany.
The division's centre for product development, manufacturing and marketing is located in Solna, Sweden. Siemens LSS sells medical technology equipment to around 100 countries annually, having its own sales companies on all significant markets.
The acquisition of Siemens LSS is a unique opportunity for Getinge to integrate one more world-leading medical technology business into its most expansive area, Surgical Systems. Siemens LSS meets all the criteria, which Getinge considers important for an acquisition - a strong product range, wide-ranging skills and focus, a strong market position and a broad geographic platform.
Siemens LSS will be consolidated into Getinge's accounts from October this year. The financing of the acquisition is carried out using Getinge's existing credit facilities.
Getinge announces additional acquisition Getinge today acquired all shares of a Swiss company, which since 1981 has been an agent of the business area Surgical Systems. The company has 7 employees and a sales turnover of 3.2 MEUR. The acquisition will strengthen the business area's position on the Swiss market, and give Surgical Systems the proper business structure for the integration of Siemens LSS' activities in Switzerland.
GETINGE is a leading provider of equipment and systems to customers within health care, extended care and pharmaceutical industries/laboratories. Equipment, services and technologies for infection control, operating theatres, patient hygiene, patient handling and wound care are supplied to customers throughout the world. In 2002 the Getinge Group had net sales of approx. SEK 8.6 billion with 5.600 employees.
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