STOCKHOLM Oct 18 Swedish medical technology
firm Getinge said on Tuesday it planned to spin off
and list its smallest division, renamed Patient and Post-Acute
Care, as it reported a smaller profit than expected for the
"Getinge has decided to focus on two business areas, Acute
Care Therapies and Surgical Workflows," it said in a statement.
"The future listing of Patient & Post-Acute Care will
increase the ability of both companies to realise their
strategies and to best continue to enhance customer benefits and
shareholder value," it said.
The Patient & Post-Acute Care unit, formerly called Extended
Care, would be distributed to shareholders with a listing
planned for no later than the first quarter of 2018, the company
Getinge said separately that operating profit before
amortisation and extraordinary costs rose to 963 million crowns
($109.3 million) in the third quarter from a year-ago 828
million. The mean forecast in a Reuters poll was for a profit of
1.00 billion crowns.
The company lowered its full-year sales outlook to a
forecast of moderately negative organic sales development, from
previously expecting moderate growth, and said costs for an
ongoing restructuring programme would be higher this year than
($1 = 8.8120 Swedish crowns)
(Reporting by Anna Ringstrom; editing by Niklas Pollard)