OSI Systems Completes Acquisition of American Science and Engineering
HAWTHORNE, Calif.--(BUSINESS WIRE)--
OSI Systems, Inc. (NASDAQ: OSIS) today announced that it has completed
its previously announced acquisition of American Science and
Engineering, Inc. ("AS&E"), a leading provider of detection solutions
for advanced cargo, parcel, and personnel inspection. OSI Systems
acquired all issued and outstanding shares of AS&E for $37.00 per share
in cash and assumed certain unvested AS&E equity awards for a total
purchase price of approximately $269 million. With this acquisition, OSI
Systems' security offerings now include additional inspection systems
based on X-ray backscatter technology, including the Z Backscatter®
Van (ZBV®) and the MINI Z® portable backscatter
based inspection system.
Deepak Chopra, OSI Systems' Chairman and Chief Executive Officer, said,
"We are pleased to complete our acquisition of AS&E and look forward to
continue delivering compelling value and service to our customers
worldwide with an expanded portfolio of screening solutions for port,
border, aviation and critical infrastructure security."
About OSI Systems, Inc.
OSI Systems, Inc. is a vertically integrated designer and manufacturer
of specialized electronic systems and components for critical
applications in the homeland security, healthcare, defense and aerospace
industries. It combines more than 30 years of electronics engineering
and manufacturing experience with offices and production facilities in
more than a dozen countries to implement a strategy of expansion into
selective end product markets. For more information on OSI Systems, Inc.
or any of its subsidiary companies, visit www.osi-systems.com.
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Certain statements made herein are "forward-looking statements"
intended to qualify for the safe harbor from liability established by
the Private Securities Litigation Reform Act of 1995. All statements
other than historical facts included in this press release, including,
but not limited to, the expected benefits of the transaction,
prospective performance and future business plans, and any assumptions
underlying any of the foregoing, are forward-looking statements. These
statements are based on current expectations and projections of future
events and reflect beliefs and assumptions that are based on OSI
Systems' perception of historical trends, current conditions and
expected future developments as well as other factors management
believes are appropriate in the circumstances. If underlying assumptions
prove inaccurate or unknown, or unknown risks or uncertainties
materialize, actual results could vary materially from OSI Systems'
expectations and projections. Risks and uncertainties include, among
other things, that the integration of AS&E's business into OSI
Systems is not as successful as expected; the failure to realize
anticipated synergies and cost-savings; the failure of OSI Systems to
achieve the expected financial and commercial results from the
transaction; other business effects, including effects of industry,
economic or political conditions outside either company's control;
transaction costs; actual or contingent liabilities; as well as other
cautionary statements contained elsewhere herein and in the reports
filed by OSI Systems with the Securities and Exchange Commission,
including OSI Systems' annual report for the year ended June 30, 2016.
These forward-looking statements reflect OSI Systems' expectations and
projections as of the date of this press release. OSI Systems undertakes
no obligation to update the information provided herein to reflect any
change in OSI Systems' expectations or projections with regard thereto
or any change in events, conditions or circumstances on which any such
information is based.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160912005202/en/
OSI Systems, Inc.
Ajay Vashishat, 310-349-2237
President, Business Development
Source: OSI Systems, Inc.
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