Henry Schein Expands its European Dental and Medical Business
The Company acquired certain assets of dental equipment supplier Procare, a subsidiary of VDC plc in the United Kingdom. In addition, Henry Schein entered the medical market in the United Kingdom with the purchase of a controlling interest in Porter Nash Limited, a London-based direct marketer and retailer of medical products. Both companies have combined revenues of $25 million.
Terms of the transactions were not disclosed. However, the Company said the transactions would be accretive to 1999 earnings.
As we continue to capitalize on the significant opportunity for growth in the European dental and medical marketplace, said Stanley M. Bergman, Chairman, Chief Executive Officer and President of Henry Schein, Inc. "With the acquisition of Procare, we strengthen our position as the leading supplier to dental practitioners in the United Kingdom, while our interest in Porter Nash takes our medical business, now operating in Spain, the Netherlands, Germany, Switzerland and Austria, into a sixth country."
Since 1990, Henry Schein has grown its international network, through internal growth and acquisitions, to 14 countries outside the United States, including; Canada, the Netherlands, Spain, Belgium, the United Kingdom, Germany, France, Iceland, Israel, Ireland, Mexico, Austria, Australia and New Zealand. Henry Schein's European operations account for approximately 20% of the Company's total revenues.
Henry Schein, Inc. is the largest distributor of healthcare products and services to office-based healthcare practitioners, including dental practices and laboratories, physician practices and veterinary clinics. The Company, recognized for its excellent customer service and low prices, serves more than 300,000 customers worldwide. Headquartered in Melville, New York, the Company employs over 6,000 people in 15 countries. Sales in 1998 were $1.9 billion. For more information, visit the Henry Schein website at http://www.henryschein.com.
SOURCE Henry Schein, Inc.