Henry Schein (NSDQ:HSIC) announced today that it had made 3 crucial acquisitions in line with the company’s 2012-2014 strategic plan.
The healthcare products conglomerate acquired orthodontics devices maker Ortho Technology, medical distributor Modern Laboratory Services, and dental dealer Accord. The trio of companies represent annual sales of nearly $61 million.
"The addition of Ortho Technology, Modern Laboratory Services and Accord furthers our strategic priority of global growth in important market segments and new geographies," Henry Schein chairman & CEO Stanley Bergman said in prepared remarks.
Ortho Technology is a Tampa, Fl.-based distributor of orthodontics products with $24 million in annual sales. Schein’s expects the acquisition to extend its orthodontics portfolio with some specialty offerings, according to the press release. Ortho Technology president Brian Leaghty will serve as a consultant for a year to help with the transition process.
Bakersfield, Calif.-based Modern Laboratory Services, which notches about $22 million in annual revenue, is a medical distributor of primarily laboratory equipment to physician-offices. Bergman said that the acquisition of the company, "strengthens [Henry Schein’s] position in the West Coast."
The acquisition of Accord, a Bangkok, Thailand-based dental products distributor with $15 million in yearly sales, will serve as a way to expand Henry Schein’s presence not only in the dental device industry but also in Southeast Asia. Henry Schein only acquired 75% of the company, the other 25% remaining with its current owner, the Charnsethikul family.
