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Ottawa, May 20, 1998
1998-049
Theratronics Sold to MDS Inc.
Secretary of State Jim Peterson today announced the sale of Kanata-based Theratronics International Limited, a wholly-owned subsidiary of the Canada Development Investment Corporation (CDIC), to MDS Inc. of Toronto, Ontario. The sale price is $15.45 million.
Today's announcement reflects the government's continued commitment to getting government right by divesting federal entities that do not play a public policy role and can operate more efficiently in the private sector.
The sale of Theratronics will benefit all parties. Secretary Peterson said, "The synergy between Theratronics and MDS Inc. will improve each company's growth potential, and their success will create new economic opportunities for Canada and Canadians".
Theratronics is an industry leader in the manufacture, sale and service of radiation therapy equipment and computerized treatment planning. Its customers are hospitals and medical institutions around the world. Theratronics has a significant customer base; a solid marketing, sales and service capability; and precision manufacturing resources.
MDS Inc., Canada's largest technology-based health and life sciences company, has 6,800 employees and gross revenue close to a billion dollars. Theratronics, as a smaller company, will benefit from MDS Inc.'s strong track record of successful support for, and development of, subsidiary and associated companies.
The sale process was managed by CDIC, assisted by TD Securities.
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For further information:
| Pat Murray Economic Development and Corporate Finance (613) 995-7392 |
Jonathan Massey-Smith Consultations and Communications (613) 992-1568 |
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| Last Updated: 2004-07-15 |
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