PSS World Medical Launches Strategic Transformation Plan
PSS World Medical, Inc. (Nasdaq: PSSI) announced today that its Board of Directors has approved a strategic restructuring plan designed to transform the Company, focusing its efforts and investments on what it believes will be the fastest growing segments of non-acute, alternate site healthcare in the U.S. Specifically, the Company will focus on physician, laboratory, in-office dispensing, and the home care and hospice markets. The Company will seek to divest its skilled nursing business and a specialty dental business.
David M. Bronson, Executive Vice President and Chief Financial Officer, commented, "The Company approaches this strategic transformation from a position of financial strength and flexibility. We are excited to announce definitive agreements to acquire three companies, InfoLab, ProLabs and Physician Partners, that are expected to be accretive in fiscal year 2013 and add annual revenues of approximately $120 million. An aggressive, focused acquisition strategy will continue to be a key part of the strategic transformation plan we are announcing today."
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