Siemens Healthcare Enters into Definitive Agreement to Acquire Penrith Corporation
Today Siemens Healthcare (NYSE: SI) announced that the company has entered into a definitive agreement to acquire substantially all of the assets of Penrith Corporation of Plymouth Meeting, Pa., a manufacturer of integrated ultrasound imaging systems. Through this acquisition, Siemens will offer new and improved diagnostic capabilities. The deal is expected to close in September 2012.
"This acquisition uniquely positions Siemens to bring new, meaningful solutions to the ultrasound market and to expand our presence in attractive business segments," said Jeffrey Bundy, CEO, Siemens Healthcare Ultrasound Business Unit. "Through this acquisition, Siemens is executing its strategic focus, announced via Agenda 2013, on strengthening the Healthcare Sector's innovative power and competitiveness. We welcome the addition of Penrith's highly experienced ultrasound employees to the Siemens Healthcare family."
"We are very pleased to join Siemens Healthcare," said Michael G. Cannon, President, Penrith Corporation, who upon closing of the transaction will become Siemens Ultrasound's Vice President and General Manager, Point-of-Care Solutions. "Our portfolio and technology competence in the miniaturization of ultrasound devices will strengthen Siemens' ability to develop pioneering technologies and future breakthrough innovations