DENTSPLY International Announces Agreement to Sell Gendex Equipment Business.Business Editors YORK, Pa.--(BUSINESS WIRE)--Dec. 11, 2003 DENTSPLY International Inc. (Nasdaq:XRAY) today announced that it has entered into an agreement to sell its Gendex equipment business to a subsidiary of the Danaher Corporation The Danaher Corporation NYSE: DHR, is a large global company headquartered in Washington, D.C., United States. Its products are concentrated in the fields of design, manufacture, and marketing of industrial and consumer products. of Washington, D.C., in an all cash transaction. The purchase price for the business is $102.5 million cash plus the assumption of certain operating and pension liabilities Pension liabilities Future liabilities resulting from pension commitments made by a corporation. Accounting for pension liabilities varies widely by country. . The transaction excludes certain current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. of the business that will be retained by DENTSPLY International. The business is expected to have revenues of approximately $100 million and contribute approximately $.07 to $.08 per diluted share to DENTSPLY's earnings in the full year ending December 31, 2003. John C. Miles, II, Chairman and Chief Executive Officer, commented that, "Our strategy has been focused on providing innovative consumable products that address the needs of dental professionals worldwide. With the sale of the Gendex equipment business, we are exiting the heavy equipment segment and focusing exclusively on the dental consumables market. Our technological investment priorities will target what we believe to be the future areas of dentistry. This would include opportunities in pharmacological and biological treatments, while continuing to concentrate on more traditional innovative consumable products." The completion of the sale of the Gendex business is subject to regulatory approval in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Germany and other customary closing conditions, and is expected to be completed in the first quarter of 2004. While the Company continually evaluates areas for investment, including strategic acquisitions, the proceeds from the transaction will be temporarily invested in short-term, high-quality debt securities. The Company expects to report a significant gain on the transaction, but due to low investment returns currently available in the market, the transaction will be dilutive to earnings in 2004. DENTSPLY Conference Call Information: DENTSPLY will hold a conference call to discuss the pending transaction today, December 11 at 11:00 a.m. (TZ: Eastern). To access the call, please dial domestic (877) 885-5820 and international (706) 643-9578, call I.D. 4493875. This conference call will be broadcast live on the Internet at www.dentsply.com. DENTSPLY designs, develops, manufactures and markets a broad range of products for the dental market. The Company believes that it is the world's leading manufacturer and distributor of dental prosthetics pros·thet·ics n. The branch of medicine or surgery that deals with the production and application of artificial body parts. pros , precious metal dental alloys, dental ceramics, endodontic Endodontic Pertaining to the inside structures of the tooth, including the dental pulp and tooth root, and the periapical tissue surrounding the root. Mentioned in: Root Canal Treatment endodontic instruments and materials, prophylaxis prophylaxis (prō'fĭlăk`sĭs), measures designed to prevent the occurrence of disease or its dissemination. Some examples of prophylaxis are immunization against serious diseases such as smallpox or diphtheria; quarantine to confine paste, dental sealants, ultrasonic scalers, and crown and bridge materials; the leading United States manufacturer and distributor of dental x-ray equipment, dental handpieces, intraoral cameras, dental x-ray film Noun 1. X-ray film - photographic film used to make X-ray pictures bitewing - a dental X-ray film that can be held in place by the teeth during radiography holders, film mounts and bone substitute/grafting materials; and a leading worldwide manufacturer or distributor of dental injectible anesthetics Anesthetics Drugs or methodologies used to make a body area free of sensation or pain. Mentioned in: Appendectomy , impression materials, orthodontic orthodontic (ôr´th  dän´tik),adj appliances, dental cutting instruments and dental implants. The Company distributes its dental products in over 120 countries under some of the most well established brand names in the industry. DENTSPLY is committed to the development of innovative, high quality, cost-effective new products for the dental market. This press release contains forward-looking statements regarding future events or the future financial performance of the Company. Actual events or results may differ materially from those in the projections or other forward-looking statements set forth herein as a result of certain risk factors. These risk factors include without limitation; the continued strength of dental markets, the timing, success and market reception for our new product introductions, and changes in the general economic environment that could affect our business. For an additional description of risk factors, please refer to the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion