GETINGE, Sweden--(BUSINESS WIRE)--Regulatory News:
Getinge Group (STO:GETIB) has recently performed a strategic review to clarify its long-term strategy for ensuring sustainable and profitable growth. Getinge will focus on two business areas, Acute Care Therapies and Surgical Workflows. In light of this, the Board of Directors intends to propose to an Extraordinary General Meeting a distribution of Patient & Post-Acute Care, formerly Extended Care, to Getinge’s shareholders.
Over the last few months, Getinge has performed a company-wide strategic review to clarify the most optimal long-term strategy for the company and to ensure sustainable and profitable growth that captures growth opportunities for all business areas.
As a result, Getinge has decided to focus on two business areas, Acute Care Therapies and Surgical Workflows. The Acute Care Therapies offering includes solutions for cardiac, pulmonary and vascular therapies and a broad selection of products and therapies for intensive care. Surgical Workflows develops products and solutions for infection control, equipment for surgical workplaces and advanced IT systems for hospitals.
Based on this long-term strategic direction, the Board of Directors has tasked the management of Getinge Group to prepare for a distribution and listing of Patient & Post-Acute Care, formerly Extended Care, in accordance with Lex ASEA*. The proposal is subject to a decision by the shareholders at an Extraordinary General Meeting (EGM) during the fall 2017. Should the EGM approve the Board’s proposal, the aim is to complete the listing not later than during the first quarter of 2018.
“The future listing of Patient & Post-Acute Care will increase the ability of both companies to realize their strategies and to best continue to enhance customer benefits and shareholder value,” says Joacim Lindoff, Acting President & CEO of Getinge Group.
Patient & Post-Acute Care’s offering encompasses products and solutions for safe patient handling, prevention of venous thromboembolisms, medical beds, hygiene systems and early mobility, among others.
Following a split, both companies will have a more concentrated focus, with more opportunities to continue to develop products and solutions to meet customer needs and thereby help solve healthcare challenges.
The financial targets for both companies will be determined and presented as part of the preparation work.
This announcement will be further addressed in the scheduled conference call today, October 18, at 3.00 PM CET, hosted by Joacim Lindoff, Acting President & CEO and Reinhard Mayer, CFO.
To join the conference, please call:
Swedish dial in number: +46 (0)8 5065 3942
UK dial in number: +44 (0)20 7026 5967
US dial in number: +1 719-325-2202
Participant passcode: 5615835
During the telephone conference a presentation will be held. To access the presentation, please use this link: http://www.livemeeting.com/cc/premconfeurope/join?id=5615835&role=attend&pw=pw6941
* Lex ASEA means, in brief, that a parent company can, under certain circumstances, distribute the company’s shares in a subsidiary to its shareholders without any immediate Swedish taxation arising on the distribution for the shareholders.
Getinge Group is a leading global provider of innovative solutions for operating rooms, intensive-care units, hospital wards, sterilization departments, elderly care and for life science companies and institutions. Getinge’s unique customer offering mirrors the hospital’s organization and value chain, and the solutions are used before, during and after the patients’ hospital stay. Based on first-hand experience and close partnerships, Getinge provides innovative healthcare solutions that improve every-day life for people, today and tomorrow.
This information is information that Getinge AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 12:59 p.m. CET on October 18, 2016.
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