Laboratory Corporation of America-Registered Trademark- Holdings
358 South Main Street
Burlington, NC 27215
Telephone: 336-584-5171
FOR IMMEDIATE RELEASE
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Contact: 336-436-4855 Shareholder Direct: 800-LAB-0401
Pamela Sherry www.labcorp.com
LABCORP COMPLETES ACQUISITION OF
PATHOLOGY MEDICAL LABORATORIES IN CALIFORNIA
Burlington, NC, June 27, 2000 - Laboratory Corporation of
America-Registered Trademark- Holdings (LabCorp-Registered
Trademark-) (NYSE: LH) today announced that it has completed its
acquisition of the laboratory testing business of San Diego-based
Pathology Medical Laboratories (PML). Terms of the acquisition
were not disclosed.
"PML not only provides us with additional testing and patient
service sites, but taps into a highly experienced employee base
with in-depth knowledge of the market, " said Richard L. Novak,
executive vice president and chief operating officer of LabCorp.
"Given our recent acquisition activity in this key region, we
will continue leveraging our national infrastructure with our
technology and information services as we expand our presence in
the West."
Laboratory Corporation of America-Registered Trademark- Holdings
(LabCorp-Registered Trademark-) is a national clinical laboratory
with annual revenues of $1.7 billion in 1999. With 18,000
employees and over 100,000 clients nationwide, the Company offers
more than 2,000 clinical tests ranging from simple blood analyses
to sophisticated molecular diagnostics. LabCorp leverages its
expertise in innovative clinical testing technology with three
Centers of Excellence. The Center for Molecular Biology and
Pathology, in Research Triangle Park (RTP), North Carolina,
develops applications for polymerase chain reaction (PCR)
technology. Its Center for Occupational Testing in RTP is the
world's largest substance abuse testing facility, and the Center
for Esoteric Testing in Burlington, North Carolina, performs the
largest volume of specialty testing in the network. LabCorp's
clients include physicians, state and federal government, managed
care organizations, hospitals, clinics, pharmaceutical and
Fortune 1000 companies, and other clinical laboratories.
Each of the above forward-looking statements is subject to change
based on various important factors, including without limitation,
competitive actions in the marketplace and adverse actions of
governmental and other third-party payors. Further information
on potential factors that could affect LabCorp's financial
results is included in the Company's Form 10-K for the year ended
December 31, 1999 and subsequent SEC filings.
