Henry Schein Enters Swiss Animal Health Market with Acquisition of Provet
MELVILLE, N.Y.--(BUSINESS WIRE)--July 5, 2006--Henry Schein, Inc. (Nasdaq: HSIC), the largest provider of healthcare products and services to office-based practitioners in the combined North American and European markets, today announced the acquisition of Provet Holding AG, a privately held company with 2005 sales of approximately $50 million. Originally founded in 1974, Provet is the leading animal health distribution company in Switzerland. Henry Schein expects the transaction to be slightly accretive to Henry Schein's 2006 earnings and add approximately $0.01 to $0.02 to 2007 earnings. Financial terms of the transaction were not disclosed.
"Provet and Henry Schein share a commitment to customer satisfaction, value and a comprehensive product offering, and we are delighted to enter the Swiss market in a position of leadership," said Stanley M. Bergman, Chairman and Chief Executive Officer of Henry Schein. "In acquiring Provet we expand our European Animal Health operations and strengthen Henry Schein's European Animal Health management team with the addition of Provet founder and CEO Jean-Claude von Gunten, and his son Patrick von Gunten, a Provet vice president."
With the addition of Switzerland, Henry Schein's European Animal Health business spans five countries, including Austria, Germany, Portugal and Spain.
Provet distributes pharmaceuticals, biologicals, diagnostic products, pet food, and other consumables and equipment to veterinary practices across Switzerland and operates out of a single facility located in Lyssach, Switzerland, near Bern. The company serves its customers through 25 Field Sales representatives and 10 Telesales representatives. Provet also has a state-of-the art facility that is used for Veterinarian training, manufacturer demonstrations and more, both at the facility and via video conference.
About Henry Schein
Henry Schein, a Fortune 500(R) company, is recognized for its excellent customer service and highly competitive prices. The Company's four business groups - Dental, Medical, International and Technology - serve more than 500,000 customers worldwide, including dental practices and laboratories, physician practices and veterinary clinics, as well as government and other institutions. The Company operates through a centralized and automated distribution network, which provides customers in more than 200 countries with a comprehensive selection of more than 70,000 national and Henry Schein private-brand products in stock, as well as over 100,000 additional products available to our customers as special order items.
Henry Schein also offers a wide range of innovative value-added practice solutions for healthcare professionals, such as ArubA(R), the Company's electronic catalog and ordering system. Its leading practice-management software solutions have been installed in more than 50,000 practices, including DENTRIX(R) and Easy Dental(R) for dental practices, and AVImark(R) for veterinary clinics.
Headquartered in Melville, N.Y., Henry Schein employs nearly 11,000 people and has operations in 19 countries. The Company's sales reached a record $4.6 billion in 2005. For more information, visit the Henry Schein Web site at www.henryschein.com.
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Risk factors and uncertainties that could cause actual results to differ materially from current and historical results include, but are not limited to: competitive factors; changes in the healthcare industry; changes in government regulations that affect us; financial risks associated with our international operations; fluctuations in quarterly earnings; our dependence on third parties for the manufacture and supply of our products; transitional challenges associated with acquisitions; regulatory and litigation risks; the dependence on our continued product development, technical support and successful marketing in the technology segment; our dependence upon sales personnel and key customers; our dependence on our senior management; possible increases in the cost of shipping our products or other service trouble with our third-party shippers; risks from rapid technological change; risks from potential increases in variable interest rates; financial risks associated with acquisitions; possible volatility of the market price of our common stock; certain provisions in our governing documents that may discourage third-party acquisitions of us; and changes in tax legislation that affect us. The order in which these factors appear should not be construed to indicate their relative importance or priority.
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CONTACT: Henry Schein, Inc.
Steven Paladino, 631-843-5500
steven.paladino@henryschein.com
or
Susan Vassallo, 631-843-5562
susan.vassallo@henryschein.com
SOURCE: Henry Schein, Inc.