BATESVILLE, Ind., December 16, 2011 -- Hill-Rom Holdings, Inc. (NYSE: HRC), a global leader in patient support systems, today announced that it has signed a definitive agreement to purchase Germany-based Völker group for approximately $85 million in cash. The closing of the transaction is subject to customary review by regulatory authorities. Völker is a leading manufacturer of long-term care and acute care bed frames, surfaces and furniture in Europe and around the world. Völker is a private company with annual revenues of approximately $100 million in 2010.
The transaction is expected to strengthen Hill-Rom's channels and product offerings in Europe, and furthers Hill-Rom's objective of completing strategically relevant and value-enhancing acquisitions. The complementary Völker products would also further develop Hill-Rom's global portfolio, accelerate international expansion, and leverage existing sales channels and customer relationships. Hill-Rom anticipates the transaction will not have any impact on adjusted earnings per share in fiscal year 2012, but is expected to be accretive thereafter.
"During its nearly 100-year history, Völker has established an impressive reputation for quality and innovative design," said John J. Greisch, President and CEO of Hill-Rom. "Our companies share similar missions and approaches to enhancing outcomes for patients and caregivers. We look forward to expanding the presence of Völker's exceptional products around the world."
"This transaction is a strategic fit for both of our companies," said Heinrich Völker, President and CEO of Völker. "Hill-Rom is a global leader with the reach and capabilities to further enable our mutual vision of transforming healthcare with pioneering products that promote dignified care for patients and efficiency for caregivers."
The transaction is expected to close within the first calendar quarter of 2012.
ABOUT HILL-ROM HOLDINGS, INC. Hill-Rom is a leading worldwide manufacturer and provider of medical technologies and related services for the health care industry, including patient support systems, safe mobility and handling solutions, non-invasive therapeutic products for a variety of acute and chronic medical conditions, medical equipment rentals, and information technology solutions. Hill-Rom's comprehensive product and service offerings are used by health care providers across the health care continuum in hospitals, extended care facilities and home care settings to enhance the safety and quality of patient care.
Hill-Rom...enhancing outcomes for patients and their caregivers.
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