IRVINE, Calif., Aug. 8 /PRNewswire-FirstCall/ -- Edwards Lifesciences Corporation announced today that it has agreed to sell its remaining perfusion products business to Nipro Group, a leading global supplier and manufacturer of medical devices based in Osaka, Japan, for an undisclosed amount. The transaction is expected to be completed in the fourth quarter of 2006, pending regulatory approvals.
Under terms of the agreement, Nipro Medical Ltda., Nipro Group’s subsidiary based in Sao Paulo, Brazil, will acquire Edwards’ perfusion products business, which is also based in Sao Paulo. These products are sold throughout Latin America, Asia, Eastern Europe and parts of the Middle East and Africa. Also, approximately 140 Edwards employees who work in perfusion products are expected to transfer to Nipro.
“We continue to transform Edwards Lifesciences into a faster-growing and more profitable company,” said Michael A. Mussallem, Edwards’ chairman and CEO. “The sale of our remaining interests in perfusion products allows Edwards to focus on its core businesses and on commercializing new, advanced technologies for patients suffering from cardiovascular disease.”
Since 2000, Edwards has divested its perfusion products operations in the U.S., Japan and Western Europe. The business being acquired by Nipro was estimated to contribute approximately $20 million in revenues and $2 million in earnings to Edwards in 2006. The impact of the transaction on 2006 earnings will not be material.
About Edwards Lifesciences
Edwards Lifesciences, a leader in advanced cardiovascular disease treatments, is the number-one heart valve company in the world and the global leader in acute hemodynamic monitoring. Headquartered in Irvine, Calif., Edwards focuses on specific cardiovascular disease states including heart valve disease, peripheral vascular disease and critical care technologies. The company’s global brands, which are sold in approximately 100 countries, include Carpentier-Edwards, Cosgrove-Edwards, FloTrac, Fogarty, LifeStent, PERIMOUNT and Swan-Ganz. Additional company information can be found at http://www.edwards.com.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward looking statements include, but are not limited to the company’s ability to obtain regulatory approvals to complete the perfusion products transaction on a timely basis and the company’s ability to achieve its 2006 financial goals. Forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though are inherently uncertain and difficult to predict.
Actual results or experience could differ materially from the forward-looking statements. Factors that could cause actual results or experience to differ materially from that expressed or implied by forward-looking statements are detailed in the company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2005.
Edwards Lifesciences, Edwards, FloTrac, Magna and ThermaFix are trademarks of Edwards Lifesciences Corporation. Edwards Lifesciences, Carpentier-Edwards, Cosgrove-Edwards, Fogarty, LifeStent, PERIMOUNT, PERIMOUNT Magna and Swan-Ganz are trademarks of Edwards Lifesciences Corporation and are registered in the U.S. Patent and Trademark Office. LifeStent is a trademark of Edwards Lifesciences AG.
Edwards Lifesciences Corporation
CONTACT: Media, Jared B. Adams, +1-949-250-5070, or Investors, David K.Erickson, +1-949-250-6826, both of Edwards Lifesciences Corporation
Web site: http://www.edwards.com/
