Aspen Surgical sold to Hill-Rom
2 August 2012 14:48 in Medical Company Restructures
Aspen Surgical Products has been sold to Hill-Rom is a deal valued at $400 million (257.37 million pounds).
Hill-Rom specialises in the production and design of automated beds for medical purposes and its products are sold across the globe.
The purchase was funded by a combination of cash and bank debt, with Hill-Rom keen to add Aspen's portfolio of products to its own - including conventional and safety scalpels and blades, Colby fluid collection products, Richard-Allan specialty needles and a variety of other operating room disposables.
"With the addition of Aspen Surgical, Hill-Rom is well positioned for growth and geographic expansion in our surgical business, particularly in the safety product segments," commented John Greisch, president and chief executive officer of Hill-Rom.
In previous years, Michigan-based Aspen has reported annual turnover in excess of $120 million.
Mr Greisch added the acquisition will add considerable recurring revenue to the company's existing surgical product portfolio and will be immediately accretive to earnings.
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