ST. LOUIS, Dec. 17 /PRNewswire/ -- EQT Scandinavia B.V. (EQT), investment
manager for EQT Scandinavia II, through a newly established holding company,
reached an agreement to acquire 100 percent of HemoCue, a leading
point-of-care blood testing equipment company, from USA-based Mallinckrodt Inc
(NYSE: MKG). Terms of the acquisition, which was completed today, were not
disclosed.
HemoCue, based in Angelholm, Sweden, is developing, producing and
marketing easy-to-use lab-quality diagnostics systems for the decentralized
healthcare sector. The Company, with sales of USD 47 million (1999), is
technology driven and employs approximately 200 persons in Europe and North
America. HemoCue focuses on point-of-care in vitro blood testing with simple
and proprietary products. Currently, the Company services two segments of the
blood testing market -- Hemoglobin and Glucose. HemoCue's key customers are
physician office laboratories, hospital wards, blood banks and diabetes
clinics. HemoCue operates primarily in Europe and North America.
Mr. Claes Dahlback, Chairman of EQT, stated, "We believe HemoCue is a
well-managed business with exciting growth prospects. The Company has an
impressive track record, leading proprietary systems and a reputation for
product quality and accuracy. HemoCue has considerable development potential
and we envisage investing considerably in R&D and geographic expansion to
build and further develop the market position and strengthen HemoCue as a
global leader in the growing point-of-care testing market."
Mr. Anders Williamsson, Managing Director of HemoCue AB, stated, "We are
confident that EQT's ownership will strengthen HemoCue's position and
opportunities as an independent and focused point-of-care blood testing
equipment company. We are committed to working with EQT in growing and
developing the Company both geographically as well as in broadening our
product offering."
Michael A. Rocca, Mallinckrodt's Chief Financial Officer, explained that
while HemoCue is a solid business with future development potential, it no
longer is strategically core to Mallinckrodt's healthcare products platform.
"We believe EQT is better positioned to make investments in HemoCue for the
future." Rocca added that the sale of HemoCue will likely result in a net
one-time, yet undetermined gain for the current quarter and that Mallinckrodt
remains on track to deliver current earnings expectations for the fiscal
second quarter and full year.
Mallinckrodt Inc., based in St. Louis, Missouri, USA, is a global
manufacturer and marketer of healthcare products designed to sustain
breathing, diagnose disease and relieve pain. The company has three product
groups -- Respiratory, Imaging and Pharmaceuticals; operates in over 100
countries and had fiscal 1999 net sales of $2.6 billion.
EQT is a group of private equity funds with equity commitments totaling
SEK 11 billion. Since its inception in 1994, EQT has successfully concluded
investments in 20 companies. EQT Partners AB, acting as investment advisor to
all EQT funds, has offices in Stockholm, Copenhagen, Helsinki and Munich. EQT
realizes its business concept by acquiring high quality, mid-size companies in
Northern Europe and serving as an active owner in close cooperation with the
management of the companies it acquires.
SOURCE Mallinckrodt Inc.
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Related links:
http://www.mallinckrodt.com
Company News On-Call:
http://www.prnewswire.com/comp/440950.html or fax,
800-758-5804, ext. 440950
CONTACT:
Media, Barbara Abbett, 314-654-5230, e-mail,
barbara.abbett@mkg.com, Investors, Barbara Gould, 314-654-3190,
e-mail, Invest@mkg.com, both of Mallinckrodt Inc.
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