Printer Friendly

GRAHAM-FIELD HEALTH PRODUCTS TO ACQUIRE DIAMOND MEDICAL EQUIPMENT AND NATIONAL HEALTHCARE EQUIPMENT

 GRAHAM-FIELD HEALTH PRODUCTS TO ACQUIRE
 DIAMOND MEDICAL EQUIPMENT AND NATIONAL HEALTHCARE EQUIPMENT
 HAUPPAUGE, N.Y., Feb. 7 /PRNewswire/ -- Graham-Field Health Products, Inc. (AMEX: GFI), a manufacturer and supplier of healthcare products, today announced that it has reached an agreement in principal to acquire the businesses and operating assets of Diamond Medical Equipment Corp. and National Health Care Equipment Corp. for a purchase price of approximately $11.5 million plus the assumption of certain liabilities.
 Diamond and National, which are privately owned, reported combined revenues of approximately $22 million for the year ended Dec. 31, 1991. Operating profits were not disclosed. For the nine months ended Sept. 30, 1991, Graham-Field reported net revenues of $40,406,000 and net income of $2,881,000 ($.32 per share). Diamond and National are manufacturers of patient aids, importers of blood pressure equipment and distributors of a broad line of home healthcare products including adult incontinence and nutritional support products. The acquisition, which is currently expected to be completed in April 1992 is subject to, among other things, approval of final terms by the Graham-Field board of directors, execution of definitive agreements and satisfactory audited full-year results of operations.
 The principals of Diamond and National, Harvey Diamond and Peter Winocur will be remaining with their respective organizations to continue to provide their customers with the quality service to which they have become accustomed. Harvey Diamond stated that "he looks forward to Graham-Field's financial strength to further enhance the Diamond Medical and National Healthcare franchises in the years to come."
 According to Irwin Selinger, chairman and chief executive officer of Graham-Field, "The addition of Diamond's and National's incontinence products, such as adult diapers, and nutritional product lines will enable Graham-Field to expand its Consolidation Advantage Program, a cost containment purchasing program for our customers. This acquisition will also accelerate the execution of the recently announced consolidated purchasing agreement with Abbey Home Healthcare." Abbey is the nation's largest home healthcare dealer chain with 165 branches.
 Graham-Field manufacturers, markets and distributes approximately 15,000 healthcare products for hospital, physician and home use to approximately 16,000 home healthcare, physician, hospital supply and pharmaceutical distributors, retailers and wholesalers.
 -0- 2/7/92
 /CONTACT: Donald J. Harnett, CFO of Graham-Field Products, 516-582-5900/
 (GFI) CO: Graham-Field Health Products Inc. ST: New York IN: HEA SU: TNM


CK-KW -- NY028 -- 7690 02/07/92 10:47 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 7, 1992
Words:395
Previous Article:CRAY RESEARCH ANNOUNCES FIRST INSTALLATION WORLDWIDE OF CRAY Y-MP EL SYSTEM
Next Article:TRANSMEDIA NETWORK ANNOUNCES RECORD FIRST QUARTER REVENUES, EARNINGS; SELLS FOURTH FRANCHISE: CITY OF CHICAGO AND SURROUNDING AREA
Topics:


Related Articles
GRAHAM-FIELD HEALTH PRODUCTS REPORTS RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDING SEPT. 30, 1991
GRAHAM-FIELD HEALTH PRODUCTS ANNOUNCES SUIT AGAINST TEMCO NATIONAL
GRAHAM-FIELD HEALTH PRODUCTS ACQUIRES DIAMOND MEDICAL EQUIPMENT AND NATIONAL HEALTH CARE EQUIPMENT
GRAHAM-FIELD HEALTH PRODUCTS, REPORTS RECORD RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDING JUNE 30, 1992
GRAHAM-FIELD HEALTH PRODUCTS, INC. REPORTS RECORD REVENUES FOR THE THIRD QUARTER AND NINE MONTHS ENDING SEPTEMBER 30, 1992
GRAHAM-FIELD HEALTH PRODUCTS, INC. REPORTS THE RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DEC. 31, 1992
GRAHAM-FIELD HEALTH PRODUCTS, INC. ANNOUNCES FIRST QUARTER RESULTS
GRAHAM-FIELD HEALTH PRODUCTS, INC. REPORTS THE RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 1993
Graham-Field Health Products, Inc. Enters into a Definitive Agreement to Acquire Motion 2000 Inc. and Motion 2000 Quebec Inc.
Graham-Field Health Products, Inc. Sells Fuqua's Leather Operations for $68 Million

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters