Siemens Medical Solutions, a supplier of products for the health care industry, and Diagnostic Products Corporation (DPC), a global provider of in vitro diagnostic equipment, has announced that the antitrust waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 under which Siemens will acquire DPC, expired on June 19.
As previously announced, the board of directors of each company has approved the agreement. DPC shareholders of record at the close of business on Monday, June 19, 2006 will be entitled to notice of, and to vote at, the special meeting of DPC shareholders, which will be held on July 27. The transaction is subject to customary regulatory approvals and other customary closing conditions. It has a value of approximately $1.86 billion.
Siemens Medical Solutions, with headquarters in Malvern, Pennsylvania, and Erlangen, Germany, is one of the largest suppliers to the health care industry in the world. The company is known for bringing together medical technologies, health care information systems, management consulting, and support services. Employing approximately 33,000 people worldwide and operating in more than 120 countries, Siemens Medical Solutions reported sales of EUR 7.6 billion, orders of EUR 8.6 billion and group profit of EUR 976 million for fiscal 2005 (September 30).
DPC, founded in 1971, designs and manufactures automated laboratory instrumentation and automation solutions and has a product line that includes the IMMULITE® series of immunoassay systems and an expanding menu of essential specific allergens and allergy panels. In fiscal 2005 (December 31), DPC reported sales of $481 million and income from operations of $96 million.
Siemens Announces Expiration of Waiting Period for Acquisition of Diagnostic Products Corporation