Apparently the Japanees money is not an "infusion" of cash as employees have been told but rather a whole sale buy out. See below!
Teijin to Acquire Leading Home-use Medical Equipment Provider in U.S.
TOKYO, JAPAN, May 30, 2008---Teijin Limited announced today that it will wholly acquire Braden Partners L.P., a leading provider of home oxygen and respiratory medications, equipment and services in the United States, by June 13. The move will strengthen Teijin's presence in the U.S. under an ongoing plan for global expansion.
Braden Partners (BP), which does business under the name of Pacific Pulmonary Services, operates more than 100 Patient Care Centers throughout the western United States. It had revenue of US$133 million in 2007, placing it among the top 10 in its field. The company employs approximately 1,000 associates.
Braden Partners will become a consolidated subsidiary of Teijin next April 1, the start of Teijin's fiscal year. The impact on Teijin's fiscal 2009 consolidated earnings is expected to be minor.
The newly acquired company will be placed under the management of Teijin's medical and pharmaceutical subsidiary, Teijin Pharma, a leading provider of home-use medical care products. In Japan, Teijin Pharma accounts for about 60% of the market for oxygen concentrators, as well as large shares of equipment for sleep apnea and continuous positive airway pressure.
In January of this year, Teijin acquired Associated Healthcare Systems, Inc. (AHS), a home respiratory equipment and services provider in New York, the first step in a plan to expand global operations in Asia, the United States and Europe.
Going forward, Teijin Pharma will expand the U.S. market by adapting business models from Japan and developing synergies between AHS and Braden Partners.
Teijin will also consider other acquisitions in order to enter U.S. regional markets where neither AHS nor Braden Partners operates.
Teijin Pharma also leases oxygen concentrators for home use in South Korea through a joint venture, Yuyu Teijin Medicare Inc., which it established with a local company in 2006. In Europe, Teijin Pharma is considering opportunities to establish an operating base in partnership with a local pharmaceutical company.
Teijin expects to expand its footprint in the global market for pharmaceuticals and home medical care, and thereby contribute to the quality of life among a broadening scope of customers worldwide.
For further information, please contact:
Hidemi Kitamura
Public Relations & Investor Relations Office
TEIJIN LIMITED
Tel: +81-3-3506-4055
Fax: +81-3-3506-4150
E-mail:
hi.kitamura@teijin.co.jp
About Teijin Limited
Teijin is a global technology-driven group operating in five main fields: synthetic fibers; films and plastics; pharmaceuticals and home health care; trading and retail; and IT and new products. Teijin Limited is listed on the Tokyo and Osaka stock exchanges and has a market capitalization of USD 5.2 billion. The company had consolidated sales of USD 8.5 billion in fiscal 2007, and employs approximately 19,000 people worldwide.
Note: USD amounts (JPY 118.05 to USD 1) provided for reader's convenience only.
About Teijin Pharma Limited
Teijin Pharma Limited, the core company of Teijin Group's medical and pharmaceuticals business, focuses on three key therapeutic areas: respiratory, bone/joint, and cardiovascular/metabolic diseases, with about 1,700 employees. Teijin Pharma has strong marketing positions particularly in the respiratory and bone/joint areas with pharmaceutical products and a home healthcare business, including home oxygen therapy (HOT), which has a top market share in Japan. In the cardiovascular/metabolic diseases area, as well as in the other focused areas, Teijin Pharma is trying to enhance its presence through in-licensing and out-licensing products, effective co-developments, and in-house R&D activities.