We believe that this merger with Siemens will be a very positive development for the future of our employees, customers and the company as a whole. This merger will allow us to continue on our current rapid course of development while also providing DPC access to the resources and support of a recognized leader in the delivery of integrated healthcare solutions, said Michael Ziering, CEO of DPC. Siemens Medical Solutions is a perfect match for DPC in terms of corporate philosophy, business practice and future direction, added Ziering.
Siemens Medical Solutions, with headquarters in Malvern, Pennsylvania, and Erlangen, Germany, is one of the largest suppliers to the healthcare industry in the world. The company is known for bringing together innovative medical technologies, healthcare information systems, management consulting, and support services, to help customers achieve tangible, sustainable, clinical and financial outcomes. Employing approximately 33,000 people worldwide and operating in more than 120 countries, Siemens Medical Solutions reported sales of 7.6 billion, orders of 8.6 billion and group profit of 976 million for fiscal 2005 (September 30). More information can be obtained by visiting www.usa.siemens.com/medical-pressroom. JPMorgan was Siemens financial advisor for this transaction; Clifford Chance US LLP provided Siemens with outside legal counsel.
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Diagnostic Products Corporation, founded in 1971, is a leader in the global in vitro diagnostics market. DPCs product offering includes the widely accepted IMMULITE series of immunoassay systems, more than 75 immunoassays and an expanding menu of essential specific allergens and allergy panels that are run just like other immunoassays. DPC also designs and manufactures automated laboratory instrumentation and automation solutions that provide fast, accurate results while enabling our customers to do "more with less" in a leaner laboratory. DPCs combined chemistry and immunoassay menu is one of the largest and most diversified available, covering most laboratory tests requested. In fiscal 2005 (December 31), DPC reported sales of $481 million and income from operations of $96 million. Additional information can be found at DPCs website at www.dpcweb.com. Lehman Brothers was DPCs exclusive financial advisor for this transaction. O'Melveny & Myers LLP provided DPC with outside legal counsel.
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