From the Wires
Quest Diagnostics to Sell HemoCue Business to Radiometer Medical ApS
By: PR Newswire
Feb. 25, 2013 12:05 AM
MADISON, N.J., Feb. 25, 2013 /PRNewswire/ -- Quest Diagnostics (NYSE: DGX), the world's leading provider of diagnostic information services, today announced that it has signed a definitive agreement to sell its HemoCue diagnostic products business to Radiometer Medical ApS for a purchase price of approximately $300 million plus customary adjustments for cash balances. HemoCue develops, produces and markets hemoglobin, glucose and other point-of-care testing systems worldwide.
"The HemoCue divestiture, along with our sale of OralDNA in December 2012, demonstrates our commitment to refocus our business on diagnostic information services," said Steve Rusckowski, President and Chief Executive Officer of Quest Diagnostics. "We plan to use the proceeds to repurchase approximately $300 million of Quest Diagnostics shares as part of our stock buyback program."
The transaction is expected to be completed in March 2013, subject to customary closing conditions.
About Quest Diagnostics
Quest, Quest Diagnostics, and all associated Quest Diagnostics registered or unregistered trademarks are the property of Quest Diagnostics. All third-party marks are the property of their respective owners.
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