YORK, Pa., Aug. 31, 2011 (GLOBE NEWSWIRE) -- DENTSPLY International Inc. (Nasdaq:XRAY), a global leader in professional dental products, today announced that it has completed the previously announced acquisition of Astra Tech AB, a leading provider of dental implants, customized implant abutments, and urology and surgery products, from AstraZeneca.
Bret Wise, DENTSPLY's Chairman and Chief Executive Officer, said, "We are very pleased to complete the acquisition of Astra Tech AB and welcome the Astra Tech team to DENTSPLY. This transaction provides substantial benefits to DENTSPLY, including one of the fastest growing dental implant platforms in the market and the addition of a growing and profitable healthcare device business serving urology and surgical markets. We are excited about the opportunities that our combined business will bring to our customers, employees and shareholders."
DENTSPLY anticipates this transaction will add approximately $200 million to the Company's net sales in 2011, and $600 million on an annualized basis. DENTSPLY also expects the transaction will be neutral to slightly accretive to adjusted earnings per diluted share in 2011.
Use of non-GAAP financial measures
In addition to the financial measures prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), the Company provides certain non-GAAP financial measures, including adjusted earnings per diluted share. These adjusted amounts consist of GAAP amounts excluding (1) acquisition-related charges and deal-related amortization, (2) income tax-related adjustments, (3) restructuring and other costs and, (4) charges from interest rate swaps related to debt modification. Adjusted earnings per diluted share are calculated by dividing adjusted net income attributable to DENTSPLY International by diluted weighted-average shares outstanding.
The Company believes that the presentation of adjusted earnings per diluted share provides important supplemental information to management and investors seeking to understand the Company's financial condition and results of operations. The non-GAAP financial information should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with GAAP.
About DENTSPLY International, Inc.
DENTSPLY designs, develops, manufactures and markets a broad range of professional dental products including dental implants, endodontic instruments and materials, orthodontic appliances, restorative materials, preventive materials and devices, and prosthetic materials and devices. The Company distributes its dental products in over 120 countries under some of the most well-established brand names in the industry. DENTSPLY is committed to the development of innovative, high quality, cost-effective new products for the dental market.
The DENTSPLY International Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4306
Forward Looking Statements
This press release, in addition to historical information, contains "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995) regarding, among other things, future events or the future financial performance of the Company. Words such as anticipate, expect, project, intend, believe, and words and terms of similar substance used in connection with any discussion of future plans, actions or events identify forward-looking statements. Forward-looking statements relating to the acquisition include, but are not limited to: statements about the benefits of the acquisition involving the Company and Astra Tech, including future financial and operating results; the Company's and Astra Tech's plans, objectives, expectations and intentions; and other statements relating to the acquisition that are not historical facts. Forward-looking statements involve estimates, expectations and projections and, as a result, are subject to risks and uncertainties. Important factors could cause actual events or results to differ materially from those indicated by such forward-looking statements. With respect to the Company's acquisition of Astra Tech, these factors include, but are not limited to: the risk that required governmental and regulatory approvals may result in the imposition of conditions that could reduce the anticipated benefits from the acquisition; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; the diversion of management time on transaction-related issues; the effect of future regulatory or legislative actions on the companies; the risk that the credit ratings of the combined company or its subsidiaries may be different from what the companies expect; economic and foreign exchange rate volatility; the continued strength of the dental and medical device markets; the timing, success and market reception for the Company's and Astra Tech's new and existing products; the possibility of new technologies outdating the Company's or Astra Tech's products; uncertainty with respect to governmental actions with respect to dental and medical devices; outcomes of litigation; continued support of the Company's and Astra Tech's products by influential dental and medical professionals; changes in the general economic environment that could affect the businesses; and disruption from the transaction making it more difficult to maintain relationships with the customers, key suppliers, management and executive employees.
For a more detailed description of these risk factors and additional risks and uncertainties, please refer to the Company's Annual Report on Form 10-K and subsequent periodic reports on Forms 10-Q and other filings with the Securities and Exchange Commission. Copies of all recent SEC filings are available through the SEC's web site: www.sec.gov. Forward-looking statements included in this release speak only as of the date of this press release. Neither the Company nor Astra Tech undertakes any obligation to update its forward-looking statements to reflect events or circumstances after the date of this release.