STEWARTVILLE, Minn., Jan. 12, 2011 /PRNewswire/ -- Rochester Medical Corporation (Nasdaq: ROCM) today announced it had reached an agreement with Fornix N.V. to purchase from Fornix its wholly owned subsidiary Laprolan B.V., a medical supplies distribution company located in Beuningen, The Netherlands. Laprolan distributes wound care, ostomy care and urology products into the Dutch market and had unaudited revenues of approximately euro 8.0 million (approximately $10.5 million) in calendar 2010.
Under the agreement, Rochester Medical will pay approximately euro 10.35 million (approximately $13.73 million) in cash for the shares of Laprolan B.V. The transaction is subject to approval by the shareowners of Fornix N.V., which will convene an extraordinary general meeting of shareholders for such purpose as soon as possible with the aim to complete the transaction soon thereafter. The transaction is expected to close at the latest by May 31, 2011, but will have a retroactive effective date of January 1, 2011.
Commenting on today's announcements, Rochester Medical CEO and President Anthony J. Conway said, "This acquisition when completed fits nicely with our ongoing plan to expand our direct branded presence in mainland Europe. Laprolan has provided quality products and service to its customers in the Netherlands for 25 years, including Rochester Medical's products for the past 16 years. Laprolan has distribution rights to market leading products in wound care, ostomy care and urology products in the Netherlands and its product lines and sales presence are a welcome addition to the Rochester Medical product offering and team."
Conway concluded, "I am extremely pleased with this opportunity for Rochester Medical, and we look forward to completing this acquisition and making it a successful part of our future."