SARASOTA, Fla., Nov. 6 Roper Industries, Inc. (NYSE: ROP) today announced that it has signed a definitive agreement to acquire Verathon, Inc., a leading provider of proprietary medical devices. The Verathon Board of Directors has approved the transaction and the closing is subject to customary regulatory approvals and closing conditions, including shareholder approval. The parties expect the closing to be completed in early December.
Headquartered in Bothell, Washington, Verathon is a leading global provider of proprietary medical devices and services. Verathon's noninvasive BladderScanŽ instrument is a standard of care for portable ultrasound bladder volume measurement. The Company's GlideScopeŽ Video Laryngoscope improves intubation success for emergency departments, operating rooms and rapid response applications such as EMS and military applications. With a direct sales force of over 140 people, Verathon provides global coverage to hospitals, primary care physicians, acute care and military end markets.
Roper also announced it has acquired the assets of United Toll Services, LLC (UTS). Headquartered in Montgomery, Alabama, UTS provides software and in-lane hardware systems for toll and traffic solutions. With unique and patented technology, remote monitoring capabilities, new lane and camera configurations and system integration capabilities, UTS provides expanded hardware and software solutions for the toll industry.
The existing leadership teams of both businesses are expected to continue in place once the acquisitions are completed. The total investment for these transactions will be approximately $356 million. The company expects these two transactions will add more than $140 million to 2010 revenue with at least $38 million of EBITDA.
About Roper Industries
Roper Industries is a market-driven, diversified growth company and is a component of the Fortune 1000, S&P Midcap 400 and the Russell 1000 Indexes. Roper provides engineered products and solutions for global niche markets, including water, energy, radio frequency and research/medical applications. Additional information about Roper Industries is available on the Company's website at www.roperind.com.
The information provided in this press release contains forward looking statements within the meaning of the federal securities laws. These forward looking statements include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth and profit expectations. Forward looking statements may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes" or "intends" and similar words and phrases. These statements reflect management's current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward looking statement. Such risks and uncertainties include our ability to integrate our acquisitions and realize expected synergies. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions, unfavorable changes in foreign exchange rates, difficulties associated with exports, risks associated with our international operations, difficulties in making and integrating acquisitions, risks associated with newly acquired businesses, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, environmental compliance costs and liabilities, risks and cost associated with asbestos related litigation and potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
SOURCE Roper Industries, Inc.