Community Health Systems to Acquire Galesburg Cottage Hospital in Galesburg, Illinois.Business Editors/Health/Medical Writers BRENTWOOD, Tenn.--(BUSINESS WIRE)--March 15, 2004 Community Health Systems, Inc. (NYSE NYSE See: New York Stock Exchange : CYH CYH Check Your Head (youth driven organization in Canada) CYH Consider Yourself Hugged ) announced today the execution of a definitive agreement to acquire Galesburg Cottage Hospital The original concept of a cottage hospital was a small rural hospital having up to 25 beds. One advantage of such a hospital in villages was the familiarity the local physician might have with their patient that may affect their treatment. , a 185 bed acute general hospital that is located approximately 45 miles west of Peoria, Illinois Peoria, Illinois (named after the Peoria tribe) is the largest city on the Illinois River and the county seat of Peoria County,GR6 Illinois, in the United States. As of the 2000 census, the city had a total population of 112,936. . The seller is a local not-for-profit organization. The acquisition is subject to routine regulatory approvals and is expected to close by mid-year. "Galesburg Cottage Hospital has a long and distinguished history of providing quality healthcare to the residents of Galesburg and Knox and Warren Counties," said Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems, Inc. "We foresee significant opportunities to build on that legacy and improve the delivery system by implementing our proven operating and growth strategies. Hospitals like Galesburg, previously operated on a stand-alone basis, are strengthened and their operations benefit tremendously with our centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. and standardized programs and efficiencies of scale, including ready access to capital. We look forward to working within the community and together with the dedicated employees and licensed professionals in Galesburg." Located in the Nashville, Tennessee “Nashville” redirects here. For other uses, see Nashville (disambiguation). Nashville is the capital and the second most populous city of the U.S. state of Tennessee, after Memphis. , suburb of Brentwood, Community Health Systems is a leading operator of general acute care hospitals in non-urban communities throughout the country. Through its subsidiaries, the Company currently owns, leases or operates 72 hospitals in 22 states. Its hospitals offer a broad range of inpatient and outpatient medical and surgical services. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "CYH." Statements contained in this news release are forward-looking statements that involve risks and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc. with the Securities and Exchange Commission, specifically the most recent filings which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including execution of our growth, acquisition, and business strategies. These and other applicable risks are summarized under the caption "risk factors" in the Company's Securities and Exchange Commission filings. |
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