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| Lübeck / Erlangen, May 30, 2002 Drägerwerk AG (Dräger), headquartered in Lübeck, Germany, and Siemens Medical Solutions Group (Med), headquartered in Erlangen, Germany, plan to merge their worldwide activities in acute point-of-care solutions into a joint venture. It will include products and services for the OR, anesthesia, critical care and emergency care, as well as products for the home care sector. The joint venture has the goal of further improving both the quality of care and cost efficiency in these areas. The signing of a Memorandum of Understanding was announced today. Siemens will hold a 35 percent stake in Dräger Medical AG & Co. KGaA. Based on the 2001 results of the contributed businesses, the joint venture is expected to have a total sales volume of approximately €1.2 billion and to employ 6,400 people. Of these, roughly 4,800 will be from Dräger Medical and some 1,600 from Siemens Med. The merger of the worldwide activities of the two businesses is subject to regulatory approval and other customary closing conditions.
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| The joint venture, to be called "Dräger Medical - A Dräger and Siemens Company," will combine all of Dräger Medical’s activities and Siemens Med’s Electromedical Systems Division, which supplies patient monitoring, anesthesia and ventilation systems and related services. The joint venture’s sales organization will work closely with Siemens Med in cross-departmental solutions for hospitals and in supporting key accounts.
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| By combining their acute point-of-care activities, Dräger Medical and Siemens Med will better meet market and customer needs in the healthcare sector. In the face of growing public demand for greater quality of care and cost efficiency, doctors, nurses and hospital administrators place even greater pressure on healthcare suppliers to meet these needs. The products, systems and services offered should ensure customers an efficient workflow while helping them to achieve optimal economic efficiencies and fulfill legal requirements. The joint venture’s portfolio will offer customers cost-optimized, integrated solutions from a single source throughout the entire patient care process - from emergency care, the OR and anesthesia to critical care and home care. |
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| The partners have complementary portfolios in ventilation and anesthesia, sectors where both have decades of experience. By combining Siemens Med’s patient monitoring systems with Dräger Medical’s patient data management and products in hospital architectural systems, the joint venture will be able to offer a complete workplace solution for effective and cost-efficient patient therapy at the acute point-of-care. In addition, the Dräger Medical home care products contributed to the joint venture expand the joint venture’s portfolio into the home care sector. A joint development goal for the midterm is to enable the seamless integration of acute point-of-care information into the whole hospital IT network. Siemens Med is a world leader in this field.
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| The joint venture will have global sales and service organizations positioned in over 100 countries, as well as development and production facilities in Lübeck (Germany), Solna (Sweden), Best (Netherlands), Telford and Danvers (U.S.) and Shanghai (China).
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| As one of the leading providers of medical solutions, Siemens Med intends to improve its competitiveness in acute point-of-care solutions through the joint venture with Dräger. "Part of our top+ program to improve profitability calls for pursuing a portfolio policy that targets a global leading market position in all of our businesses. By placing our Electromedical Systems Division into a joint venture with Dräger Medical, we are giving Siemens Med the possibility to grow on a more profitable basis in this segment," noted Prof. Erich R. Reinhardt, member of the Managing Board of Siemens AG and CEO of Siemens Medical Solutions.
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| "The joint venture with Siemens Med promises to significantly expand our competence and to generate continuous improvement in profitability in our medical business field, our largest division," said Theo Dräger, CEO of Drägerwerk AG. For Dr. Wolfgang Reim, board member of Drägerwerk AG and CEO of Dräger Medical, the planned co-operation fits extremely well into the company’s strategy: "We want to strengthen our strong global position in the acute point-of-care sector by offering our customers complete solutions throughout the entire patient care process. This includes, in particular, a comprehensive portfolio in patient monitoring systems and the integration of acute point-of-care information into the whole hospital IT infrastructure. To attain this goal, Siemens Med is the ideal partner for the joint venture." |
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| Dräger Medical is being advised by Bear Stearns International Limited on this transaction and Siemens Medical Solutions is being advised by Goldman Sachs.
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| (www.draeger.com) is one of the world’s leading manufacturers of medical equipment. As the largest division of Drägerwerk AG, Dräger Medical offers integrated systems and services throughout the entire patient care process in clinical acute care and the home care sector. Dräger Medical employs around 4,800 people worldwide and is represented in over 100 countries. Over the past six years, the company continually boosted its sales by more than 10% a year, reaching a total of €805 million in fiscal 2001. In the same period, the company quadrupled its EBIT from €9.1 million to €39.0 million. The innovative concepts of Dräger Medical are the result of a close dialog with customers, years of experience in the market, and significant investment in R&D. The company’s goal is to improve the quality of patient care while supporting cost-reduction in the health care sector. |
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| Siemens Medical Solutions (Med) is one of the largest suppliers of healthcare equipment in the world. Med is renowned for its innovative products, services and complete solutions, ranging from imaging systems for diagnosis and therapy equipment for treatment, to electromedicine and hearing instruments to IT solutions that optimize workflow and increase efficiency in hospitals, clinics and doctors’ offices. Siemens also offers a variety of data management solutions for customers and is currently the largest Application Service Provider. Employing approximately 30.000 people worldwide, in fiscal 2001 (September, 30), Med reported sales of 7.2 billion €, orders of 8.4 billion € and EBITA of 808 million €. More information can be obtained through the Company´s website http://www.siemensmedical.com.
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Contacts:
Drägerwerk AG
Corporate Communications
Dr. Welf Böttcher
Tel.: +49-451/882-22 01
Siemens Medical Solutions
Press Office
Melanie Schmude
Tel.: +49-9131/84-83 35
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(c) Drägerwerk AG & Co. KGaA, 2007 |
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