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Siemens: The target is the U.S. cancer specialist Varian Medical Systems
Siemens: The target is the U.S. cancer specialist Varian Medical Systems; The medical technology provider Siemens Healthineers plans to purchase billions.
Yazar: Zack Smith
Yayınlanma: 2 Ağustos 2020 18:21
Güncellenme: 12 Kasım 2024 02:32
Siemens: The target is the U.S. cancer specialist Varian Medical Systems
The medical technology provider Siemens Healthineers plans to purchase billions. The target is the U.S. cancer specialist Varian Medical Systems. "We are strengthening ourselves in a rapidly growing market," said CFO Jochen Schmitz. For this purpose, the former Siemens subsidiary plans to take 16.4 billion euros in hand, as the MDax group announced. Siemens Healthineers plans to use mixed financing from debt and equity for the purchase.
The two companies have been working together in a strategic partnership since 2012, in which they combine the X-ray devices and scanners from Healthineers with the therapy systems from Varian in cancer treatment. The US company reportedly generated $ 3.2 billion last year. The operating margin was 17 percent. The Board of Directors has already voted unanimously for the deal and recommends Varian shareholders to accept the offer. As usual, the authorities and shareholders still have to approve the takeover. However, it is expected to be dry in the first half of 2021.
Full effects from 2025
Siemens Healthineers expects that the deal will have a positive effect on adjusted basic earnings per share within the first twelve months after execution. From 2025, the company expects effects on the operating result of around 300 million euros annually. The company currently employs around 50,000 people at locations in more than 70 countries. In the fiscal year ended at the end of September, the company had sales of EUR 14.5 billion, six percent above the previous year's level. The dominant imaging division (X-ray, computed tomography, MRI) had a final spurt, as the company announced at the time. However, the adjusted operating profit margin rose only slightly to 17.3 percent and remained below target. With the announcement of the deal, Healthineers also preferred to announce the third-quarter figures. Accordingly, year-on-year sales fell by 6.9 percent on a comparable basis. The operating result (EBIT) dropped by 15 percent. After taxes, almost a quarter less remained due to a temporarily higher tax rate. "For the fourth quarter we expect a significant improvement in our business development compared to the third quarter," said Siemens Healthineers boss Bernd Montag. You might also be interested in:Best Technology Stocks for July 2020
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