STERIS CORPORATION ANNOUNCES LETTER OF INTENT TO ACQUIRE MICRODIMENSIONS, INC.
MENTOR, Ohio, Nov. 16 /PRNewswire/ -- STERIS Corporation (NASDAQ: STRL) today announced a letter of intent to acquire MicroDimensions, Inc., a closely-held engineering and manufacturing company headquartered in Mentor, Ohio. The acquisition is contingent upon the completion of a certified audit and the execution of a definitive agreement between the two companies. Other terms were not disclosed. Bill R. Sanford, STERIS's Chairman, President, and CEO, stated, "The acquisition of MicroDimensions will strengthen our ability to accelerate product development while expanding production capacity to meet increasing customer demand for STERIS products. MicroDimensions has been a contractor to STERIS for over four years and has demonstrated its expertise in the development and manufacture of sophisticated microprocessor-controlled electromechanical devices." Mr. Sanford continued, "STERIS is currently one of the largest customers of MicroDimensions, but they also do a significant amount of business with other companies ranging from multi-national manufacturers to high-tech early stage organizations. The variety of capabilities at MicroDimensions can be effectively leveraged by retaining their outside business as STERIS continues to grow. "Upon completion of the acquisition, Bruce R. Knox, 37, President and majority shareholder of MicroDimensions, will become a STERIS Vice President and President of the newly created Engineering/Manufacturing Division." STERIS Corporation develops, manufactures, and markets sterile processing and infection prevention systems and related consumables and accessories for the healthcare market. Current products include a complete system for the rapid, safe, and cost-effective sterile processing of immersible surgical and diagnostic devices between patient procedures in less than 30 minutes at the site of patient care. New products under development and pre-market regulatory review include a smaller sterile processing system for the physician, dental, and microsurgery markets, and a system for on-site destruction and decontamination of biohazardous waste. -0- 11/16/93 /CONTACT: Michael A. Keresman, III, Senior Vice President and CFO, of STERIS, 216-354-2600/ (STRL)
CO: STERIS Corporation; MicroDimensions, Inc. ST: Ohio IN: MTC SU: TNM
BM-KL -- CL012 -- 4985 11/16/93 10:35 EST
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|Date:||Nov 16, 1993|
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