Olympus to Buy Gyrus Group
TOKYO, Nov. 26, 2007 -- Olympus Corp. of Japan announced that it will acquire Gyrus Group PLC, a UK-based manufacturer of devices that enable less invasive surgeries, for $1.9 billion in cash.
Gyrus Group is based in Reading, England, and has approximately 1434 employees. Its main business segments include products for ENT (ear, nose and throat) surgeries, laparoscopic surgery, urology and gynecology.
Olympus, a manufacturer of cameras and other optical products, said the acquisition will allow it to expand its Medical Systems business by strengthening its minimally invasive product offerings. There is growing market demand for such systems, Olympus said, which can reduce pain and discomfort from surgery and could help limit medical costs. Olympus Medical Systems Corp.'s main product lines include gastrointestinal endoscopes, ultrasound endoscopes, therapeutic devices, and surgical endoscopes.
"The operations of Gyrus' and Olympus' medical systems are highly complementary. I am confident that this planned partnership will generate significant synergies and opportunities for both firms. The combination of technological capabilities will further enhance product systems, which I expect will enable surgeons and their staffs to ultimately perform safer and more effective surgical procedures with better patient outcomes," said Tsuyoshi Kikukawa, president of Olympus.
Olympus said it expects to expand its worldwide marketing network, particularly in urological and gynecological systems, in which Gyrus has an established US market presence. Olympus said Gyrus' capabilities will allow it to accelerate development and commercialization of energy-based technology equipment.
The transaction, which is expected to close in the first half of 2008, is subject to customary closing conditions, including the approval of Gyrus shareholders.
For more information, visit: www.olympus.com