A Medical Device Daily
Eastman Kodak (Rochester, New York) reported the completion of its acquisition of Orex Computed Radiography (Yokneam, Israel), a provider of compact, computed radiography systems that enable medical practitioners to acquire X-ray images digitally. The deal was first disclosed in January (Medical Device Daily, Jan. 19, 2005).
Kodak paid $51.3 million in cash at closing to acquire privately held Orex, with the price subject to adjustment, based upon the final closing balance sheet which will be audited after the closing.
Orex has become a wholly owned subsidiary of Kodak and operates within Kodak's Health Group. With 84 employees worldwide, Orex will remain in its principal location in Yokneam.
Orex manufactures computed radiography (CR) systems for specialty markets, such as orthopedics, imaging centers and dentistry.
Customers in another market Kodak serves also use CR systems from Orex – industrial non-destructive testing (NDT) organizations, such as pipeline companies, foundries and aerospace manufacturers.
To date, almost 4,000 Orex D-CR medical and dental systems have been installed around the world, the company said. Its U.S. headquarters is in Auburndale, Massachusetts.
Thermo Electron (Waltham, Massachusetts) reported that on March 3 the Federal Trade Commission (FTC) granted early termination of the waiting period under the Hart-Scott-Rodino waiting period applicable to the sale of the Kendro Laboratory Products division of SPX (Charlotte, North Carolina) to Thermo Electron.
As disclosed in January, Thermo Electron and SPX signed an agreement with respect to the sale of the Kendro Laboratory Products division of SPX to Thermo for roughly $833.5 million in cash (MDD, Jan. 21, 2005). Closing of the transaction remains subject to other customary conditions, including other approvals.
SPX is a provider of technical products and systems, industrial products and services, flow technology, cooling technologies and service solutions.
Thermo Electron is a developer of analytical instruments. The company's Life and Laboratory Sciences segment provides analytical instruments, scientific equipment, services and software solutions for life science, drug discovery, clinical, environmental and industrial laboratories. Its Measurement and Control business is dedicated to providing analytical instruments used in a variety of manufacturing processes and in-the-field applications, including those associated with safety and homeland security.
In other dealmaking activity:
• Omni Medical Holdings (Rapid City, South Dakota) has acquired majority interest in DataFuzion (Littleton, Colorado) in a share exchange deal and will seek to acquire all of DataFuzion's outstanding shares over the next 60 days. Omni first disclosed its intention to buy DataFuzion early last week (MDD, Feb. 28, 2005).
DataFuzion, a privately held medical products and services company that provides turn-key back office solutions to medical practitioners and other healthcare customers, will continue operation under its current name and structure as a subsidiary of Omni Medical.
The combined companies are projected to have revenue of more than $3.5 million and generate cash flow for calendar year 2005. Both companies also have numerous acquisition targets that would be accretive to earnings if acquired, they said.
"DataFuzion is a top of-the-line company, and we are very excited to bring them on as an important part of our business strategy. They provide critical technology and management tools that will make Omni a national leader in providing medical services," said Omni CEO Arthur Lyons.
Omni Medical Holdings provides medical billing and transcription services to medical practitioners throughout the U.S. through its wholly owned subsidiary, Omni Medical Services.