• Olympus Diagnostics Business Acquired by Beckman Coulter

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Olympus Diagnostics Business Acquired by Beckman Coulter

Jun 08 2009

Beckman Coulter Inc and Olympus Corporation have entered into a definitive agreement under which Beckman Coulter will acquire the diagnostic systems portion of Olympus’ Life Sciences business for 77.45 billion yen, approximately USD $800 million. By broadening its chemistry offering, Beckman Coulter’s Chemistry stands to establish a leadership position with particular strength in larger hospital laboratories as well as extending its broad chemistry customer base, said the company.

It is anticipated that by 2010 the Olympus Diagnostics will increase Beckman Coulter’s revenue by approximately $500 million on a full year basis and generate approximately $40 to $50 million in operating income (excluding FAS141R associated amortization). Beckman Coulter believes that 2010 pre-tax savings of between $50 and $60 million can be achieved from the combination of Olympus operating expenses of about $200 million and Beckman Coulter operating expenses of more than $1 billion. Savings are expected to be realised from leveraging existing global infrastructure and integrating sales, service, administrative and R&D activities. The acquisition is expected to be financed by a combination of newly issued Beckman Coulter common stock (approximately $300 million) and newly issued debt (approximately $500 million). Under the intended conservative financing structure, the company does not anticipate a change in its current investment grade ratings. Scott Garrett, Beckman Coulter’s Chairman, President and Chief Executive Officer, said: "This compelling transaction combines the chemistry product lines of our two companies into a complete chemistry systems offering. Customers will benefit from the expanded range of products, particularly those large hospital and university laboratories where higher throughput systems are preferred. In addition, Beckman Coulter’s strength in total lab automation will be complemented by Olympus’ strong pre-analytical automation
position in Europe and Asia.”

This transaction is expected to close in the third quarter of 2009 and is subject to customary government approvals, the finalisation of certain ancillary agreements and the disclosure schedules, as well as other customary conditions.

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