CareFusion (NYSE:CFN) said it inked a $500 million deal for the Vital Signs business of GE Healthcare (NYSE:GE), which makes single-use consumables for respiratory care, anesthesiology, temperature management and patient monitoring.

"The acquisition of Vital Signs is well-aligned to our long-term growth strategy, helping us create scale in our Procedural Solutions call points and increase our presence outside of the United States," CareFusion chairman & CEO Kieran Gallahue said in prepared remarks. "Together, CareFusion and Vital Signs have the R&D, manufacturing and go-to-market resources to drive innovation, invest for growth and better support customers in major geographic markets."

The Totowa, N.J.-based Vital Signs business, which brings in about about $250 million in annual sales, brings global scale to San Diego-based CareFusion, according to a press release. The unit employs more than 1,000 workers including a manufacturing operation in Shenzhen, China, according to the release.

"We are confident this transaction will provide Vital Signs new capabilities to maximize its opportunities in the medical consumables space and enable GE Healthcare’s life care solutions segment to remain focused on its core strengths as a provider of medical device solutions," GE Healthcare Systems president & CEO Tom Gentile said in prepared remarks. "We believe CareFusion is equipped to unlock the growth potential of Vital Signs with a solid focus and strategy around medical consumables."

CareFusion said it expects the deal to be neutral to modestly accretive to adjusted earnings per share during its fiscal 2014 year. The Vital Signs acquisition should add 5¢-8¢ to adjusted EPS in fiscal 2015, according to the release. The buyout is slated to close before the end of the year in the U.S., China and "certain other countries," CareFusion said, with the remainder of the transaction closing before March 31, 2014.

CFN shares were down 0.8% to $38.86 apiece as of about 10:40 a.m. today.

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