GE Medical Systems Completes Transactions To Acquire Kretztechnik AG
3D Ultrasound One Of Fastest Growing Diagnostic Procedures
MILWAUKEE, Wis., and ZIPF, Austria- Today, the GE Medical Systems business of General Electric Company (NYSE: GE) announced that several transactions related to its acquisition of Kretztechnik AG (NM: KTA), an Austrian-based innovator in 3D Ultrasound systems, had been completed. GE has finalized the acquisition of the approximately 65.4% shareholding in Kretztechnik held by Medison Co., Ltd. (KSE: 18360), and as of October 10, 2001, shares representing an additional 27.1% of the Kretztechnik shares outstanding had been tendered by public shareholders and accepted for purchase by GE. Together these transactions provide GE with 92.5% ownership in Kretztechnik. It is GE’s intent to acquire the remaining shares of Kretztechnik, and that Kretztechnik will become a wholly owned subsidiary of GE.
"3D imaging is one of the fastest growing segments in Ultrasound. It enables new and unique methods of displaying the anatomy and increasing diagnostic confidence," said Omar Ishrak, Vice President and General Manager of GE Medical Systems’ Ultrasound business. “Patients will be the biggest benefactors of the acquisition, because it will allow GE to accelerate the clinical applications of 3D imaging in the delivery of healthcare.”
"I think it is undisputed that a strategic owner like GE is the best choice in the short and long term for Kretztechnik AG", said Franz Wiesauer, Member of the Board of Kretztechnik AG. “The combination of brand name, worldwide distribution network, a wide range of ultrasound equipment for all applications and the financial stability of GE Medical Systems with the technology of Kretztechnik in 3D ultrasound, provides excellent prospects for
the company."
Most widely recognized for its clinical use in obstetrics and gynecology, 3D Ultrasound is rapidly gaining clinical acceptance in other applications. Kretztechnik has experienced strong growth over the last several years as a result of several new and innovative product introductions. In 2000, Kretztechnik introduced the next generation of 3D Ultrasound technology, which allows patients and physicians to view real-time 3D images of anatomy in motion, or effectively 4D imaging.
“In addition to adding important technology to GE’s growing ultrasound business, Kretztechnik brings us one step closer to our customers in Europe,” said Reinaldo Garcia, President and CEO of GE Medical Systems Europe. “We’ve made significant strides over the past few years in our growth in Europe. This is an excellent opportunity for GE to continue to bring innovative products to even more customers in Europe, and in particular in Austria.”
About Kretztechnik AG
Kretztechnik, based in Zipf, Austria, is a leading manufacturer of 3D ultrasound systems. Kretztechnik recorded sales of approximately €110 million for the last twelve months ended April 30, 2001. Kretztechnik employs more than 400 people worldwide and operates subsidiaries in Germany, France, Switzerland and Spain.
About GE Medical Systems
GE Medical Systems is an $8 billion global leader in medical information and technology. Its offerings include networking and productivity tools, clinical information systems, patient monitoring systems, conventional and digital X-ray, computed tomography (CT), magnetic resonance (MR), ultrasound and bone mineral densitometry, positron emission tomography and nuclear medicine. For more than 100 years, health care providers worldwide have relied on GE Medical Systems for high quality medical technology, services and productivity solutions. For more information, visit the GE Medical Systems Web site at gemedical.com.
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