Beckman Coulter Inc. Combines Strengths of Two Market Leaders.MIAMI--(BW HealthWire)--Sept. 2, 1997--Coulter Corp. a Miami based diagnostics company, announced Tuesday that it has reached an agreement to be acquired by Beckman Instruments, Inc. The new company will be called Beckman Coulter This article needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , Inc., capitalizing on two of the the strongest, most recognized global franchises in the diagnostics and life sciences markets. The agreement accomplishes Coulter Corporation's strategic efforts over the past year to preserve the legacy of company founders, Joseph and Wallace Coulter, to broaden its product lines, and to strengthen its leadership position. Beckman will pay $875 million in cash for all of Coulter's outstanding shares and assume about $175 million in Coulter debt. The transaction is subject to usual closing conditions and is expected to be completed in the fourth quarter of 1997. Coulter, a 40-year-old, privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , was founded by brothers Wallace and Joseph Coulter. Wallace Coulter invented the Coulter Principle The Coulter principle states that particles pulled through an orifice, concurrent with an electrical current, produce a change in impedance that is proportional to the size of the particle traversing the orifice. The Coulter principle was named for its inventor, Wallace H. , a technology for counting and sizing microscopic particles. The application of this technology to the healthcare field essentially started the automated hematology hematology Branch of medicine concerned with the nature, function, and diseases of the blood. It covers the cellular and serum composition of blood, the coagulation process, blood-cell formation, hemoglobin synthesis, and disorders of all these. business. Today, Coulter is the clear market leader in hematology, with more than twice the market share of its nearest competitor. Coulter also holds a strong market position in clinical and research flow cytometry flow cytometry (flōˑ sī·t  ˑ·m , as well as a strong presence in many particle
characterization market segments.
Beckman Instruments Inc. was founded in 1935 by Dr. Arnold O. Beckman and remained a privately owned company until 1952, when it first offered stock to the public. Since its beginnings, Beckman Instruments, Inc. has focused its business on the chemistry of life. Today, Beckman systems for clinical chemistry, immunoassay Immunoassay An assay that quantifies antigen or antibody by immunochemical means. The antigen can be a relatively simple substance such as a drug, or a complex one such as a protein or a virus. and biotechnology automate and simplify biological analysis in life science and clinical diagnostic laboratories. These sophisticated systems are used in all phases of the battle against disease, from pioneering medical research through drug discovery and patient blood testing. Beckman started in much the same way as Coulter, through a simple yet profound invention. Dr. Arnold Beckman was driven by a desire to speed analytical processes in the laboratory. His invention, the acidimeter ac·i·dim·e·ter n. A hydrometer used to determine the specific gravity of acid solutions. a·cid  i·met , which made pH measurement fast and accurate, spurred the
formation of the company. To this day, Dr. Beckman is a strong advocate
for the advancement of science, just as Wallace and Joseph Coulter have
been.
By joining together, the two companies have tremendous strategic opportunity in the $19 billion in vitro diagnostics In vitro diagnostic (IVD) tests are medical tests conducted in a test tube, or more generally in a controlled environment outside a living organism. In vitro means in glass in Latin. market. Beckman Coulter Inc. will be able to address more than 75% of typical hospital laboratory test volume and essentially all of the tests that are considered routine. In the near term, this broad based capability will provide sales leverage with hospitals and group purchasing organizations A group purchasing organization is an entity that leverages the purchasing power of a group of businesses to obtain discounts from vendors based on the collective buying power of the GPO members. Many GPOs are funded by administrative fees that are actually paid by the vendors. . In the longer term, it will allow Beckman Coulter Inc. to be an industry leader in the optimization of laboratory workflow, by offering integrated testing capabilities together with laboratory automation. The two companies combined will now be better positioned to meet their commitment to technology leadership and customer support. They have highly compatible values and philosophies, helping to ensure a smooth integration. Through this exciting partnership, the new company will be well positioned to lead the way into the 21st century. CONTACT: Arthur Lyons, Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. Manager 305/380-4764 Alec Rosen, 305/672-4422 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion