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Owens & Minor, Inc. (OMI) Misses Q2 EPS by 1c; to Acquire Movianto Group for $158M

July 23, 2012 5:45 PM EDT Send to a Friend
Owens & Minor, Inc. (NYSE: OMI) reported Q2 EPS of $0.48, $0.01 worse than the analyst estimate of $0.49. Revenue for the quarter came in at $2.19 billion versus the consensus estimate of $2.23 billion.

Owens & Minor announced that it plans to enter the European healthcare market with a binding offer to purchase the majority of the Movianto Group, the healthcare third-party logistics (3PL) business of Celesio AG, for approximately €130 million ($158 million). The acquisition is subject to customary closing conditions, including satisfaction of certain local legal provisions. Movianto, a leading 3PL provider in Europe, currently serves customers globally from 23 logistics centers located in 11 European countries with approximately 1,800 teammates. As a logistics provider to pharmaceutical and medical device manufacturers, Movianto provides outsourcing services such as warehousing, transportation, and cold chain logistics, as well as value-added services such as order-to-cash, repackaging and relabeling of products. Movianto’s operational capabilities and services are highly complementary to OM HealthCare Logistics, Owens & Minor’s domestic healthcare 3PL service offering, enabling the combined entity to provide healthcare manufacturers in the U.S. and Europe with expanded global reach through a common logistics platform.

The acquisition is expected to close in the third quarter of 2012. While the acquisition will be dilutive to Owens & Minor’s earnings per share in 2012, partially as a result of expenses associated with the transaction, the company believes that it will be neutral to 2013 earnings per share and accretive thereafter.

For earnings history and earnings-related data on Owens & Minor, Inc. (OMI) click here.




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