GE Medical Systems Acquires Elscint's Share in ELGEMS Nuclear Imaging Joint Venture.Business Editors/Medical Writers WAUKESHA, Wis. and HAIFA, Israel--(BUSINESS WIRE)--Jan. 3, 2001 GE Medical Systems and Elscint Ltd., finalized a definitive agreement on December 31, 2000, in which GE Medical acquired Elscint's 50 percent share of ELGEMS Ltd., a joint venture formed by the two companies in 1997 to manufacture nuclear imaging systems, for $30 million. As a result of the transaction, ELGEMS becomes a wholly owned GE business. ELGEMS, based in Haifa, Israel, is responsible for the research, development, engineering and manufacturing of all GE Medical gamma cameras gamma camera Nuclear medicine A device that evaluates the distribution of a radionuclide in the body post-injection and other nuclear imaging and PET products. GE Medical and ELGEMS pioneered the development of the revolutionary "Hawkeye" imaging system - the world's first imaging system to combine the anatomic delineation of computed tomography Computed tomography (CT scan) X rays are aimed at slices of the body (by rotating equipment) and results are assembled with a computer to give a three-dimensional picture of a structure. (CAT scanning) with the functional imaging capabilities of nuclear medicine. This transaction reaffirms GE's commitment to the field of nuclear imaging as well as its Center of Excellence in Israel. GE Medical will now have more than 350 employees in Israel. "For more than three years GE has been building a global presence in nuclear imaging through the ELGEMS joint venture," said Beth Klein, Vice President and General Manager of Global Functional Molecular Imaging (Nuclear Medicine/PET) for GE Medical. "This transaction is a natural evolution that will help us better serve health care providers around the world with superior nuclear imaging technology, particularly in clinical applications. ELGEMS has contributed significantly to GE Medical's nuclear imaging business. The strategic supply agreement with Elscint has played a role in our success." Concurrently with the execution of the acquisition agreement, ELGEMS entered into a sourcing agreement with Elscint pursuant to which Elscint will continue to act as the primary source for the various components used in ELGEMS nuclear imaging products. Rachel Lavine, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Elscint, commented that "We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that this transaction has now been consummated, and feel confident that by securing a strategic long term supply arrangement with GE we are significantly reinforcing Elscint's commitment to expand the volume of operations of the Ma'alot manufacturing facility." About GE Medical Systems GE Medical Systems is a $7 billion global leader in medical systems, information and technology. Its offerings include networking and productivity tools, healthcare information systems, patient monitoring systems, conventional and digital X-ray, computed tomography (CT), magnetic resonance magnetic resonance, in physics and chemistry, phenomenon produced by simultaneously applying a steady magnetic field and electromagnetic radiation (usually radio waves) to a sample of atoms and then adjusting the frequency of the radiation and the strength of the (MR), ultrasound, positron emission tomography positron emission tomography: see PET scan. positron emission tomography (PET) Imaging technique used in diagnosis and biomedical research. (PET), and nuclear medicine systems. With global headquarters in Waukesha, Wisconsin Waukesha [ˈwɑkəˌʃɑ] is a city in and the county seat of Waukesha CountyGR6, Wisconsin, United States. As of the 2000 census, Waukesha had a total population of 64,826. , healthcare providers worldwide rely on GE Medical Systems for high quality medical technology, services and productivity solutions. For more information, visit the GE Medical Systems Web site at www.gemedicalsystems.com About Elscint Elscint Ltd, an Israeli public company 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. , is active in two principal fields: in its traditional technology related business, where it manufactures medical and other industrial products at its Ma'alot facility in northern Israel, and in related technological investments in fields which are complemented by the manufacturing capabilities of the factory; and in the leisure industry, in which it has interests in several operational hotels in Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). and in other hotel development projects in Western and Central Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. In addition, Northern, Southern and Southeastern Europe may variously delimit or overlap into Central Europe. . |
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