General Electric has acquired all the outstanding shares of Amersham, completing its acquisition of the diagnostic imaging agents and life sciences firm
General Electric has acquired all the outstanding shares of Amersham, completing its acquisition of the diagnostic imaging agents and life sciences firm.
Together with GE Medical Systems - a medical imaging, healthcare services and information technology company - the combined $14 billion business, now known as GE Healthcare, is expected to generate $16 billion in revenues in 2005.
With the completion of the transaction, William Castell, formerly chief executive of Amersham, assumes the role of president and CEO of GE Healthcare.
Joseph Hogan, senior vice president of GE, will continue to lead GE's $11 billion medical imaging, services and IT businesses, now named GE Healthcare Technologies.
Peter Loescher, former chief operating officer of Amersham, will be named a GE officer and will manage the newly created $3 billion GE Healthcare Bio-Sciences business, which will consist of the former Amersham operating units.
Both Hogan and Loescher will report directly to Castell.
GE Healthcare will have its global headquarters based in Chalfont St Giles, United Kingdom.
GE Healthcare Technologies will be headquartered in Waukesha, USA, and GE Healthcare Bio-Sciences will be headquartered in Little Chalfont, UK.
"These technology and service driven businesses can change the face of healthcare," said Jeffrey Immelt, chairman of the board and chief executive officer of General Electric.
"We're delighted to bring Bill Castell and his team to GE to help make this vision a reality and we look forward to his leadership in integrating these exciting growth platforms".
In closing the acquisition, Castell said: "With the completion of the GE acquisition of Amersham, today we form an exciting new company - GE Healthcare.
"Combining GE's heritage and skills in engineering, physics and IT with those of Amersham's in biology and chemistry will enable us to accelerate our vision and shape a new era of medicine.
"GE Healthcare is already the world's leader in diagnostic healthcare.
"Today, we are ready to become the world's best diagnostic company, serving customers in the medical, pharmaceutical, biotech and bioresearch markets around the world."
