Medisys PLC - Disposal
26 Juli 1999 - 3:48PM
UK Regulatory
RNS No 0049h
MEDISYS PLC
26 July 1999
Medisys PLC
Sale of Sutures Business
Medisys PLC ("Medisys") announces that it has sold its Lukens
sutures business to Surgical Specialties Corporation Inc.
("SSC"), a subsidiary of the Marmon Group, for a consideration
of US$2,100,000 in cash. Medisys will use the net proceeds of
the disposal to repay bank borrowings.
SSC has acquired the assets of the Lukens sutures business,
including fixed assets, inventory and goodwill. The net book
value of the assets acquired by SSC is approximately $773,000.
In accordance with standard accounting practice, Medisys will
record as a charge in its profit and loss account the goodwill
attributable to the acquisition of the sutures business.
Under the terms of the transaction SSC has also acquired the
Lukens Medical name. The remaining Lukens business will be
retained by Medisys and will be re-named Futura Medical
Corporation.
The Futura Medical Corporation product range will now
concentrate on sharps bins, lancets, safety scalpels, bone
wax, the NIC needle incineration device and the recently
acquired Futura safety needle. The company is also evaluating
other products, which would enhance the existing product
range.
Kurt E. Amundson, President & Chief Operating Officer of
Medisys said: "Disposal of the sutures business removes a loss
making, non-core business from our portfolio and completes the
restructuring of the Lukens business, which we acquired in
September 1998. The renamed Futura Medical Corporation
business will be tightly focused on the fast growing market
for healthcare worker safety devices and safe disposal
systems."
Note to editors:
Medisys PLC develops, manufactures and markets diagnostic,
medical and safety products serving the rapid test and point
of care medical market. The Group has two principal operating
subsidiaries, Hypoguard and Futura, located in the UK and in
the US respectively. The diagnostic division develops and
supplies blood glucose monitoring systems for the diabetic
market. Its future focus is on serving unmet medical needs
through the development of diagnostic products based on its
own proprietary platform technologies. Headquartered in
Ipswich, UK, the Group employs approximately 225 people in the
UK and US.
Enquiries:
Medisys PLC
Kurt Amundson, President
& Chief Operating Officer 001 650 327 7900
Michael Barry, Chief Financial Officer 001 770 271 2795
Square Mile Communications 0171 601 1000
Kevin Smith/James Melville-Ross
END
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