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© norebbo dreamstime.com Business | February 23, 2017

OSI Systems sells German subsidiary

OSI Systems, Inc.sold its German Healthcare subsidiary, Metrax GmbH, commonly referred to as Primedic, for approximately EUR 11.7 million in cash.
Primedic was acquired in 2014 for approximately EUR 7.5 million in cash and focused on the sale of automated external defibrillators outside the United States. Its results were reported as part of OSI Systems’ Healthcare division.

“Given that our strategic direction is focused on the expansion of our hospital and clinical solutions, the AED product line was deemed to be a non-core asset. This demonstrates our commitment to prioritizing areas that provide the best opportunities for profitable growth,” commented Deepak Chopra, OSI Systems’ Chairman and CEO.

Sales and operating income of this business for the twelve months ended December 31, 2016 were approximately USD 18.2 million and USD 1.2 million, respectively. The transaction was completed on February 17, 2017.
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November 15 2018 5:25 pm V11.9.0-2