Henry Schein (HSIC) to Take Majority Stake in Poland-Located Distributor Marrodent
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Henry Schein, Inc. (Nasdaq: HSIC) announced that it has entered into a definitive agreement to acquire an 80 percent ownership position in Marrodent, one of Poland's largest full-service dental distributors with 2015 sales of approximately $32 million. Henry Schein has served animal health customers in Poland since 2014, and Marrodent will mark the Company's entry into Poland's dental market.
The transaction is subject to approval by Poland's competition authorities and is expected to close in the fourth quarter of 2016. Financial terms were not disclosed.
"We are delighted to enter Poland's dental market through Marrodent and we see considerable opportunity to expand this business among the country's approximately 26,000 practicing dentists and approximately 20,000 dental offices," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. "We look forward to working together and serving the Polish dental community with the same high standards and commitment to efficiency and success that customers throughout the world have come to expect from Henry Schein."
Founded in 1990 by brothers Roman and Marek Stekla, and with headquarters in Bielsko-Biala and a facility in Warsaw, Marrodent distributes dental consumables and equipment, as well as dental laboratory supplies and equipment. With nearly 60 sales representatives and a call center, Marrodent serves approximately 10,000 office-based dental practitioners across Poland. Roman and Marek Stekla will own the remaining 20 percent of Marrodent, and along with CEO Artur Podolski, will join Henry Schein.
"We are very pleased to partner with Henry Schein, a global leader in oral health and a company whose commitment to being a valued resource for innovative solutions across the spectrum of products, services and technology we share," said Roman Stekla.
"With the demand for dental services growing rapidly in Poland, our partnership with Henry Schein will expand our mutual efforts to focus on practice care so dental professionals can focus on patient care," added Marek Stekla.
With the addition of Marrodent, Henry Schein's dental business will have operations or affiliates in 27 countries. In 2015, Henry Schein reported global Dental sales of $5.3 billion.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pandora (P) Advisers Said to Begin Reaching Out to Possible Suitors Following Approach from Sirius (SIRI) - Bloomberg
- Juniper Networks (JNPR) to Acquire AppFormix
- Franklin Street Properties (FSP) Acquires Denver-Located Dominion Towers
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesTwitter, Earnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!