7/17/2012 8:35:19 AM
Medical device maker Steris Corp will buy privately held diagnostics company U.S. Endoscopy Group Inc for $270 million in cash to expand its operations in the gastrointestinal endoscopy market. The deal is expected to reduce Steris' fiscal 2013 earnings by about 5 cents a share, but will add to earnings from 2014. The company kept its 2013 earnings forecast of between $2.00 and $2.20 per share. Steris, which provides infection prevention and surgical products and services, said it will finance the deal through cash and borrowings.
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