[01/05/11]
Precision Dynamics Corporation ("PDC") recently announced that it has merged with The St. John Companies Inc. ("St. John") to create the world's leading provider of patient safety identification and healthcare labeling solutions. The combined companies will offer healthcare providers the industry's most comprehensive set of products and services to accurately identify patients, label clinical specimens, track medications and monitor treatments. Their products are used by nearly every department in the provider setting and integrate with electronic medical record systems.
"This ground-breaking merger comes at a time when improving patient safety is one of the healthcare industry's highest priorities," said Cecil Kost, president and chief executive officer, PDC. "Over the past five decades, PDC and St. John have earned a reputation for offering best-in class solutions that help reduce adverse medical events and lead to improved patient outcomes. Together, our companies can have a much greater impact supporting healthcare systems with standardizing their methods for identifying patients, labeling clinical specimens, tracking medications and monitoring treatments. The business combination will also increase our competitiveness in the burgeoning field of identification and related patient safety solutions."
The combined companies will design and produce tens of thousands of products, employ more than 1,000 people and generate revenues of nearly $200 million. Effective immediately, St. John will operate as a wholly-owned subsidiary of PDC. Mr. Kost will serve as president and CEO of both companies.
Pointing to the fact that nearly one million people are affected each year by safety-related errors, Adam Press, retiring chairman of St. John, commented: "Accurately identifying patients and ensuring they're receiving the proper treatment and medication is one of the key elements to improving patient safety in the clinical setting. Together, PDC and St. John will provide healthcare institutions with the most expansive range of products they can choose from to meet their individual requirements. The two companies now have the ability to combine their expertise to accelerate development of new solutions that will positively impact patient safety."
PDC and St. John have nearly 100 years of combined experience in patient safety identification. Since its founding in 1965, St. John has grown to become one of the top manufacturers and distributors of identification products including wristbands, labels and supplies. Founded in 1956, PDC introduced the industry's first bar-coded wristbands and pioneered the radio frequency (RFID) wristband. This is the second acquisition PDC has completed to expand its products since partnering with Water Street Healthcare Partners, a strategic private equity firm focused exclusively on healthcare, in 2007. Water Street was instrumental in bringing PDC and St. John together.
Curt Selquist, a partner with Water Street who will serve as chairman of the combined organization, said: "This merger achieves our vision for building PDC into the leading patient safety identification company. Since investing in PDC, our focus has been building on its strong foundation of patient wristband technology. This merger was a key component of our strategic growth plan. It creates much greater long-term value for PDC and St. John's customers, employees and ultimately, the combined company."
About Precision Dynamics Corporation
With more than 50 years of experience, Precision Dynamics is the global leader and pacesetter in the development of wristband and label systems. The company specializes in serving the healthcare, leisure and entertainment, and law enforcement industries. Precision Dynamics introduced the first single-piece patient wristband, first bar code wristband system, first Smart Band RFID wristband system, and the award winning PDC Smart Kiosk.
Precision Dynamics' products are used in leading hospitals worldwide and comprise a comprehensive range of wristband and labeling systems that provide positive ID and positive clinical outcomes, and meet important guidelines of The Joint Commission, World Healthcare Organization, FDA, AHA, and HIPAA. As an ISO 9001 certified company, Precision Dynamics follows a systematic, world-standard approach to ensure superior product design, manufacturing, and customer support services. The company strives to understand customer needs and measures performance through vehicles such as its Customer Council and Customer Survey programs. For more information, visit www.pdcorp.com.
About The St. John Companies
The St. John Companies, Inc. has been dedicated to exclusively serving the healthcare community since 1965. Currently, more than 90 percent of all U.S. hospitals and thousands of alternate care facilities are active St. John customers. St. John offers over 100,000 products for patient identification, patient safety, healthcare label, medical imaging and medical records marketplace, enabling vendor consolidating, simplified purchasing and significant cost savings. For more information, visit www.stjohninc.com.
About Water Street
Water Street Healthcare Partners is a strategic private equity firm focused exclusively on healthcare. The firm has a strong record of building market-leading companies across key growth sectors in health care. It has partnered with some of the world's leading health care companies on its investments including: Johnson & Johnson, Medtronic and Smith & Nephew. Water Street's team is comprised of industry executives and private equity professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago. For more information about Water Street, visit www.wshp.com.
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