Healthcare Industry News: breast implant
News Release - June 28, 2007
Mentor Enters into Definitive Acquisition Agreement with Shareholders of Perouse Plastie
Acquisition of Perouse Plastie will expand Mentor's international product portfolio and manufacturing capacitySANTA BARBARA, Calif.--(HSMN NewsFeed)--Mentor Corporation (NYSE:MNT ) announced today that it has entered into a definitive agreement to acquire all of the outstanding shares of Perouse Plastie SAS (Perouse), a medical device company based in Bornel, France. The transaction is subject to customary closing conditions and is expected to be completed in July.
Perouse is a rapidly growing manufacturer and distributor of silicone gel breast implants for a number of established and emerging international markets, and sells its products under the Perouse Plastie Perthese® brand. Perouse's primary manufacturing facility is located in France.
"This acquisition will increase our leadership in several international markets and represents our commitment to expanding our market presence in the surgical aesthetics field," said Joshua H. Levine, President and Chief Executive Office of Mentor. "The Perouse product offering is complementary with Mentor's aesthetic products and the combination will allow us to better serve physicians and their patients."
Under the terms of the agreement, Mentor will acquire all of the shares of Perouse for a total enterprise value of 42 million Euros, including the assumption of approximately 3 million Euros in net debt. The purchase price is subject to customary post-closing adjustments and indemnifications. Mentor will update its financial guidance for fiscal year 2008 and provide an estimate of costs that may be excluded from adjusted earnings per share at the time of Mentor's first quarter 2008 earnings release. At this time, Mentor does not believe that the Perouse acquisition will have a materially accretive or dilutive effect on adjusted earnings per share for fiscal year 2008.
"We are very pleased with this acquisition as Perouse has manufacturing capabilities which will expand our capacity and ability to meet growing customer demand for silicone gel breast implant products worldwide," said Ed Northup, Vice President and Chief Operating Officer of Mentor. "Perouse's focus on product quality and customer service makes this a very complementary fit with our breast implant business."
About Mentor Corporation
Founded in 1969, Mentor Corporation is a leading supplier of medical products for the global aesthetic market. The Company develops, manufactures and markets innovative, science-based products for surgical and non-surgical medical procedures that allow patients to retain a more youthful appearance and improve personal well-being. The Company's website is www.mentorcorp.com.
Safe Harbor Statement
This press release contains "forward-looking statements," including statements regarding the acquisition of Perouse by Mentor, Perouse's silicone gel breast implant product offerings, Perouse's manufacturing capacity, an update of financial guidance and an estimate of costs that may be excluded from adjusted earnings per share for fiscal year 2008, and the effect of the Perouse acquisition on Mentor's adjusted earnings per share for fiscal year 2008. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by us. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements speak only as of the date hereof and are based upon the information available to us at this time. Such information is subject to change, and we will not necessarily inform you of such changes. These statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that are difficult to predict.
Relevant risks and uncertainties include those referenced in Mentor's filings with the U.S. Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and recent Current Reports on Form 8-K. These filings discuss important risk factors that could contribute to differences in or otherwise affect its business, results of operations and financial condition. Risks and uncertainties relating to the Perouse acquisition include that the businesses of Mentor and Perouse will not be integrated successfully; anticipated synergies may not be fully realized or may take longer to be realized than expected; and possible disruption of the Perouse business, including with customers, employees, suppliers or third parties. These risks and uncertainties could cause actual results to differ materially and adversely from those expressed in or implied by the forward-looking statements, and should be carefully reviewed and considered. Mentor undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
Source: Mentor Corp
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