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Hill-Rom acquires Liko to enhance product portfolio

Hill-Rom : 03 October, 2008  (Company News)
Hill-Rom and Liko (Liko Vardlyft and Liko North America) has announced the acquisition of Liko by Hill-Rom for approximately $183 million.
Hill-Rom, based in Batesville, Indiana, USA, is a leading worldwide manufacturer and provider of patient support systems and other related medical technologies and related services for the health care industry. Liko, based in Lulea, Sweden, is a leading supplier and developer of lifts and slings that facilitate the safe movement and transfer of patients. Through a comprehensive range of products that handle all lifting situations, Liko's patient lifts and accessories have set the standard for performance in both acute and post acute care settings around the world.

The transaction was completed on October 1, 2008. In addition, once integrated, the acquisition should enhance Hill-Rom's organic revenue growth rate and margins. Liko generated revenues of approximately $75 million during its fiscal 2008. The transaction will be financed from existing cash balances and available lines of credit. Upon closing, Hill-Rom expects to benefit from synergies created by combining Liko's strong product platforms, engineering capabilities, clinical competencies and sales channel capabilities with Hill-Rom's established brands, long standing reputation for high quality products and service, and its large and established sales and service organizations in both North America and Europe.

'The addition of Liko to our Hill-Rom family represents a direct connection to Hill-Rom's mission of enhancing outcomes for patients and their caregivers,' said Peter H Soderberg, president and chief executive officer of Hill-Rom. 'Hill-Rom has previously stated its desire to add complementary technologies to its portfolio that leverage our global business footprint and presence across the continuum of care. This acquisition is an important step in this direction as nearly 75 percent of Liko's revenue is derived outside of North America and the company has a well balanced focus on the acute, extended care and home care segments all care settings where lifts are widely deployed and where Hill-Rom is intensely focused. The safe and efficient movement of patients or residents to and from their beds is a challenge that we will now be able to more completely assist with through the acquisition of Liko, a leading innovator in this space.'

'We have chosen to add a high-performing company that supplements and augments our business, particularly in our European markets and our post-acute care segment,' Soderberg said.

'Hill-Rom brings Liko the opportunity to grow, reaching more patients and caregivers worldwide,' said Gunnar Liljedahl, founder of Liko. 'Our missions, both of which focus on improving outcomes for patients and caregivers are similar, and our cultures, which focus on innovation and excellence, are entirely aligned. I see our two companies coming together as a winning combination for our employees, our communities and for all the customers we serve.'

Liko has been a family-owned and operated business for more than 25 years. The company’s history is one of providing the most advanced technologies and full solutions to meet the lifting and assist needs of patients from critical care through extended care and into the homecare markets. Liko employs about 275 people worldwide.

It is intended that Liko products will continue to be marketed under the Liko name with the addition of Hill-Rom branding. The primary Liko business operations now carried out in Liko's headquarters in Lulea and at its other locations (notably Franklin, Massachusetts in the USA and locations in the UK and in Germany) will continue with only minor adjustments
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