Mentor Corporation (NYSE:MNT) announced today that it has entered
into a definitive agreement to acquire all of the outstanding shares
of Perouse Plastie SAS (Perouse), a medical device company based in
Bornel, France. The transaction is subject to customary closing
conditions and is expected to be completed in July.
Perouse is a rapidly growing manufacturer and distributor of
silicone gel breast implants for a number of established and emerging
international markets, and sells its products under the Perouse
Plastie Perthese(R) brand. Perouse's primary manufacturing facility is
located in France.
"This acquisition will increase our leadership in several
international markets and represents our commitment to expanding our
market presence in the surgical aesthetics field," said Joshua H.
Levine, President and Chief Executive Office of Mentor. "The Perouse
product offering is complementary with Mentor's aesthetic products and
the combination will allow us to better serve physicians and their
patients."
Under the terms of the agreement, Mentor will acquire all of the
shares of Perouse for a total enterprise value of 42 million Euros,
including the assumption of approximately 3 million Euros in net debt.
The purchase price is subject to customary post-closing adjustments
and indemnifications. Mentor will update its financial guidance for
fiscal year 2008 and provide an estimate of costs that may be excluded
from adjusted earnings per share at the time of Mentor's first quarter
2008 earnings release. At this time, Mentor does not believe that the
Perouse acquisition will have a materially accretive or dilutive
effect on adjusted earnings per share for fiscal year 2008.
"We are very pleased with this acquisition as Perouse has
manufacturing capabilities which will expand our capacity and ability
to meet growing customer demand for silicone gel breast implant
products worldwide," said Ed Northup, Vice President and Chief
Operating Officer of Mentor. "Perouse's focus on product quality and
customer service makes this a very complementary fit with our breast
implant business."
About Mentor Corporation
Founded in 1969, Mentor Corporation is a leading supplier of
medical products for the global aesthetic market. The Company
develops, manufactures and markets innovative, science-based products
for surgical and non-surgical medical procedures that allow patients
to retain a more youthful appearance and improve personal well-being.
The Company's website is www.mentorcorp.com.
Safe Harbor Statement
This press release contains "forward-looking statements,"
including statements regarding the acquisition of Perouse by Mentor,
Perouse's silicone gel breast implant product offerings, Perouse's
manufacturing capacity, an update of financial guidance and an
estimate of costs that may be excluded from adjusted earnings per
share for fiscal year 2008, and the effect of the Perouse acquisition
on Mentor's adjusted earnings per share for fiscal year 2008. These
forward-looking statements are based on our current expectations,
estimates and projections about our industry, management's beliefs and
certain assumptions made by us. Any statements that refer to
expectations, projections or other characterizations of future events
or circumstances, including any underlying assumptions, are
forward-looking statements. These forward-looking statements speak
only as of the date hereof and are based upon the information
available to us at this time. Such information is subject to change,
and we will not necessarily inform you of such changes. These
statements are not guarantees of future results and are subject to
risks, uncertainties and assumptions that are difficult to predict.
Relevant risks and uncertainties include those referenced in
Mentor's filings with the U.S. Securities and Exchange Commission,
including, without limitation, its Annual Report on Form 10-K, its
Quarterly Reports on Form 10-Q, and recent Current Reports on Form
8-K. These filings discuss important risk factors that could
contribute to differences in or otherwise affect its business, results
of operations and financial condition. Risks and uncertainties
relating to the Perouse acquisition include that the businesses of
Mentor and Perouse will not be integrated successfully; anticipated
synergies may not be fully realized or may take longer to be realized
than expected; and possible disruption of the Perouse business,
including with customers, employees, suppliers or third parties. These
risks and uncertainties could cause actual results to differ
materially and adversely from those expressed in or implied by the
forward-looking statements, and should be carefully reviewed and
considered. Mentor undertakes no obligation to revise or update
publicly any forward-looking statement for any reason.