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SIEMENS Press Presse Prensa
Medical Engineering
For the business and financial press
Erlangen, September 27, 2000
Siemens invests in growth sector:
ACQUISITION BID FOR LEADING ULTRASOUND PROVIDER ACUSON
Planned merger to enhance system solutions and optimize portfolio for e-health
strategy
Siemens' Medical Engineering Group (Med), Erlangen, Germany, has reached an
agreement with Acuson Corporation, Mountain View, Calif. (NYSE: ACN), on a
planned acquisition of Acuson. Siemens will make a public cash offer to holders
of all outstanding Acuson shares. The aggregate value of the offer will total
approximately US$ 700 million, or US$ 23 a share. The offer is conditioned
upon, among other things, Acuson's shareholders tendering and not withdrawing
prior to the expiration of the offer at least a majority of the shares of
Acuson's common stock, as well as the receipt of necessary regulatory approvals
in relevant jurisdictions.
Acuson is a leading provider of ultrasound systems for use in radiology,
cardiology, vascular, obstetrics and gynecology, including networking with
clinic information technology (IT) systems. The company had annual sales in 1999
of some US$ 475 million and about 1,900 employees worldwide. Siemens anticipates
that a successful bid will significantly increase the position of Siemens'
Medical Engineering Group in the ultrasound market. Further, this acquisition
should help advance the company's strategy to offer complete solutions to
healthcare providers worldwide.
"Ultrasound technology has enormous potential and will play an even greater role
in healthcare in the future. Rapid innovations in digital image and knowledge
processing, coupled with advances in IT-based connectivity between physicians
and clinics, place ultrasound in a strong position for more outstanding
contributions," noted Dr. Erich R. Reinhardt, president and chief executive
officer of Siemens' Medical Engineering Group. Ultrasound exams are cost-
efficient, highly mobile and patient-friendly.
With an estimated annual growth rate of six percent, ultrasound is one of the
largest growth markets in imaging modalities for medical applications. "This
merger creates a premier ultrasound business.
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Together our products will cover the entire market for ultrasound equipment and
IT-networking, from portable devices to ultra-premium platforms," added
Reinhardt.
Samuel H. Maslak, Sc.D., chief executive officer and founder of Acuson
Corporation is enthusiastic about the post-merger future of the combined groups.
"This is an incredibly positive step for the entire industry and especially for
customers and their patients," he said. "By combining the best of both
companies' know-how, customers will benefit from more research and development,
better global distribution and services, more clinical applications and better
IT-based connectivity solutions. The potential for new, cost-effective
contributions to patient care from ultrasound is now greatly expanded," he
added.
The planned transaction is a further step in the implementation of Med's
business strategy. Following Siemens' acquisition of Shared Medical Systems, the
company now offers a complete spectrum of innovative medical systems and
advanced information technology. This capability makes Siemens a unique supplier
to provide complete integrated solutions that meet today's demand for more
efficient healthcare.
"It is not enough to provide products alone. We must also offer solutions that
help customers optimize their workflow to improve their diagnostic processes and
therapies. Using this as the basis for our strategy, investments in innovative
medical systems like ultrasound are the right decision," explained Reinhardt.
The next priority, he stated, is to convert Med into an e-health provider
offering not only Internet sales and service but - as an application service
provider - data management as well. The merger with Shared Medical Systems makes
Siemens a leading application service provider in the healthcare industry.
"This merger with Acuson makes great sense from an Ultrasound perspective.
Acuson's highly regarded reputation, technologically advanced products and
strong customer support make an excellent cultural fit with Siemens," said John
Pavlidis, president of Siemens' Ultrasound division, headquartered in Issaquah,
Wash. "Acuson's leading position in the U.S. - the world's largest single
healthcare market - and Siemens' strong presence outside the U.S., enables these
two partners to become a major player across the globe. The addition of Acuson's
products to our current offerings should create the most comprehensive
ultrasound equipment line in the industry."
Acuson Corporation, located in Mountain View, Calif., USA, is a world-leading
provider of ultrasound systems for medical applications. In 1999, the company
posted sales of US$ 475.9 million. Acuson was founded in 1982 and is traded on
the New Stock Exchange under the symbol ACN.
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Siemens' Medical Engineering Group (Med) is one of the largest global suppliers
in the healthcare sector. The Group is renowned for its innovative products,
services and complete solutions, ranging from imaging systems for diagnostics
and therapy products for treatment to electromedicine and hearing instruments to
IT solutions that optimize workflow and increase efficiency in hospitals,
clinics and doctors' offices. Med's recent acquisition of Shared Medical Systems
(1999 sales: US$ 1.2 billion) has enabled Med to further strengthen its
expertise in services - especially as an application service provider - and in
IT solutions in the healthcare sector. Excluding Shared Medical Systems, in
fiscal 1999, Siemens' Medical Engineering Group had new orders of 4.14 billion
(DM 8.1 billion), sales of 4.09 billion (DM 8.0 billion) and employed
approximately 19,000 worldwide.
This release contains forward-looking statements, including statements about
future business operations, financial performance and market conditions. Such
forward-looking statements involve risks and uncertainties inherent in business
forecasts. This release is neither an offer to purchase nor a solicitation of
an offer to sell securities of Acuson Corporation. The tender offer will be
made solely by an offer to purchase and related letter of transmittal to be
disseminated upon the commencement of the tender offer. Shareholders of Acuson
Corporation should read the tender offer statement when it is available because
it contains important information.
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