Oriola-KD Corporation to Sell its Healthcare Trade Business to Mediq N.V.
Oriola-KD Corporation has signed an agreement to sell its Healthcare Trade businesses to the stock listed Dutch company Mediq N.V., international provider of pharmaceuticals and medical devices.
The sale of the Healthcare Trade business supports Oriola-KD’s strategy to focus on pharmaceutical wholesale and retail businesses. According to the agreement all Oriola-KD’s Healthcare Trade businesses in Finland, Sweden, Denmark, Estonia, Latvia and Lithuania will be transferred to Mediq at the time of closing, which is expected to take place May 31, 2010. Mediq will pay EUR 85 million in cash for the acquisition to Oriola-KD at time of the closing. Oriola-KD will record a profit of approximately EUR 60 million from the sale of the business.
Oriola-KD’s Healthcare Trade business markets, sells and services medical and laboratory products in Finland, Sweden, Denmark, Estonia, Latvia and Lithuania. It also provides logistics services for healthcare service providers in Sweden. The net sales in 2009 were EUR 145.1 million (EUR 155.2 million) and operating profit EUR 8.9 million (EUR 7.9 million). The business has currently some 440 employees.
“We have invested in line with our strategy into the development of the Russian and Swedish pharmaceutical wholesale and retail businesses and consequently our resources to develop the Healthcare Trade businesses have been limited. This transaction enables Oriola-KD to focus on pharmaceutical retail and wholesale businesses with increased financial resources to develop and grow especially in Russia and Sweden,” said Eero Hautaniemi, President and CEO of Oriola-KD Corporation.
“The acquisition is a logical next step in our international growth strategy. Oriola-KD’s Healthcare Trade business is a perfect addition to our existing direct and institutional business. Due to the similarity to our existing business we see a large potential for synergies and growth. Together we will form a strong team in the Nordics and Baltics,” said Marc van Gelder, CEO, Mediq.
About Oriola-KD Corporation
Oriola-KD Corporation is a leading pharmaceutical wholesale and retail company in Finland, Sweden, Russia and the Baltic countries.
Mediq is an international company delivering pharmaceuticals, medical supplies and related care services. The patient is at the center of everything we do. Mediq delivers via three channels: direct to people’s homes (Mediq Direct), via hospitals, nursing homes and other healthcare institutions (Mediq Institutional) and via Mediq Pharmacies. Mediq operates in 14 countries: the Netherlands, Poland, the United States, Denmark, Germany, Norway, Sweden, Finland, Hungary, Switzerland, Belgium, Estonia, Latvia and Lithuania. Its head office is located in Utrecht, the Netherlands. The company was founded in 1899 and has around 8,200 employees. Mediq is listed on Euronext Amsterdam. For more information see www.mediq.com.
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