Aetna Completes Acquisition of Strategic Resource Company.HARTFORD, Conn. -- Aetna (NYSE NYSE See: New York Stock Exchange : AET AET Aetna, Inc. AET After Extra Time AET Actual Evapotranspiration AET Alliance for Environmental Technology AET Alpha-Ethyltryptamine AET Applied Extrusion Technologies, Inc. ) today announced that it has completed its acquisition of Strategic Resource Company (SRC (SouRCe) Contrast with DST, which is an abbreviation of "destination." ), a privately held administrator of group benefit products for part-time and hourly workers, headquartered in Columbia, S.C. Aetna in August announced its intention to acquire 100 percent of the stock of SRC as well as the insurance contracts administered by SRC for approximately $250 million. The transaction was financed from available cash. "This transaction positions Aetna to reach another customer segment, the uninsured, part-time and hourly workers who until now have been underserved by national health plans," said Ronald A. Williams, president of Aetna. "SRC has a strong membership base and product expertise that will complement Aetna's existing plan sponsor relationships and position us for future growth. We look forward to integrating this business into our family of innovative products and helpful resources to provide health and related benefits to this important segment." The company will be known as "SRC, an Aetna company." Founded in 1976, it is one of the largest providers of limited benefits to part-time and hourly workers, currently administering benefits to more than 700 employers in 46 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . SRC provides individuals and their families with benefits for many of their most frequent health care expenses. As one of the nation's leading providers of health care, dental, pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. , group life, disability and long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. benefits, Aetna puts information and helpful resources to work for its approximately 13.6 million medical members, 11.6 million dental members, 8.3 million pharmacy members and 13.3 million group insurance members to help them make better informed decisions about their health care and protect their finances against health-related risks. Aetna provides easy access to cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. health care through a nationwide network of more than 646,000 health care professionals, including over 385,000 primary care and specialist doctors and 3,908 hospitals. For more information, please visit www.aetna.com. (Figures as of September 30, 2004) |
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