MADISON, N.J., Feb. 25, 2013 /PRNewswire/ -- Quest Diagnostics (NYSE: DGX), the world's leading provider of diagnostic information services, today announced that it has signed a definitive agreement to sell its HemoCue diagnostic products business to Radiometer Medical ApS for a purchase price of approximately $300 million plus customary adjustments for cash balances. HemoCue develops, produces and markets hemoglobin, glucose and other point-of-care testing systems worldwide.
"The HemoCue divestiture, along with our sale of OralDNA in December 2012, demonstrates our commitment to refocus our business on diagnostic information services," said Steve Rusckowski, President and Chief Executive Officer of Quest Diagnostics. "We plan to use the proceeds to repurchase approximately $300 million of Quest Diagnostics shares as part of our stock buyback program."
The transaction is expected to be completed in March 2013, subject to customary closing conditions.
About Quest Diagnostics Quest Diagnostics is the world's leading provider of diagnostic information services that patients and doctors need to make better healthcare decisions. The company offers the broadest access to diagnostic information services through its network of laboratories and patient service centers, and provides interpretive consultation through its extensive medical and scientific staff. Quest Diagnostics is a pioneer in developing innovative diagnostic tests and advanced healthcare information technology solutions that help improve patient care. Additional company information is available at QuestDiagnostics.com. Follow us at Facebook.com/QuestDiagnostics and Twitter.com/QuestDX.
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Quest Diagnostics Contacts: Dan Haemmerle (Investors): 973-520-2900 Wendy Bost (Media): 973-520-2800
SOURCE Quest Diagnostics