Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider
of health care solutions to office-based dental and medical
practitioners, and Casa Schmidt S.A., a comprehensive provider of
dental solutions for dental professionals in Spain and Portugal,
announced today the creation of a joint venture to advance their
mutual goal of helping health care professionals operate more
efficient practices by providing new solutions and technologies for
the ultimate benefit of patients.
The joint venture will operate in Spain and Portugal under the
Henry Schein name. The new company will include Henry Schein’s
comprehensive portfolio of business, clinical, technology, and
supply chain solutions. It will also include all of Casa Schmidt’s
lines of business including Schmidt Dental Solutions, a
full-service distributor of dental products and services to dental
offices, laboratories, universities, and hospitals in Spain and
Portugal; Servimed, which provides technical support to dental
practitioners and serves dental specialties, including oral
surgeons and orthodontists; and Importación Dental Especialidades,
a company that specializes in implantology and orthodontics.
Henry Schein will have majority ownership of the joint venture,
with senior management from Henry Schein and Casa Schmidt serving
on the management team. Henry Schein’s Juan M. Molina will serve as
the Managing Director of the joint venture.
The transaction is subject to approval by Spain’s National
Commission of Markets and Competition and is expected to close in
the second quarter of 2020. Financial terms were not disclosed.
“We are delighted to enter into this joint venture with such a
well-established partner,” said Stanley M. Bergman, Chairman of the
Board and Chief Executive Officer of Henry Schein. “Casa Schmidt
has a rich history spanning more than 100 years of serving dental
professionals in Spain and Portugal. We expect that Henry Schein
España will offer an expanded array of products and services to
current customers of both companies and deepen our penetration in
these markets.”
Casa Schmidt was founded in 1919 by Georg Schmidt and began
operating as Schmidt Dental Solutions in 2019. The company has
grown into a full-service dental distributor that today offers more
than 55,000 consumable merchandise and dental products, including
multiple product exclusives, and had more than €35 million in sales
in 2019. Headquartered in Madrid, Casa Schmidt has nearly 240
employees and 19 locations.
“Operating as Casa Schmidt and more recently as Schmidt Dental
Solutions, our company has continually grown to meet the unique and
specialized needs of dental practitioners while also becoming one
of the most highly regarded full-service dental distributors
serving the dental market,” stated Federico Schmidt Reparaz, Chief
Executive Officer of Schmidt Dental Solutions. “Along with Henry
Schein, the world leader in serving dental practices and dental
laboratories, we look forward to the next chapter of customer
service and growth as Henry Schein España.”
Henry Schein has served dental professionals in Spain and
Portugal since 1990 with a growing number of both branded and
private-label products and services.
“We are delighted to be expanding our presence in Spain and
Portugal along with Casa Schmidt and their dental solutions
portfolio offering,” said Andrea Albertini, President, EMEA Dental
Distribution, Henry Schein. “With our combined resources, we will
continue to help our customers understand and embrace the
technology that is revolutionizing the dental profession by
providing creative and relevant solutions to satisfy our customers’
rapidly changing needs.”
About Henry Schein, Inc.
Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for
health care professionals powered by a network of people and
technology. With more than 19,000 Team Schein Members worldwide,
the Company's network of trusted advisors provides more than 1
million customers globally with more than 300 valued solutions that
improve operational success and clinical outcomes. Our Business,
Clinical, Technology, and Supply Chain solutions help office-based
dental and medical practitioners work more efficiently so they can
provide quality care more effectively. These solutions also support
dental laboratories, government and institutional healthcare
clinics, as well as other alternate care sites.
Henry Schein operates through a centralized and automated
distribution network, with a selection of more than 120,000 branded
products and Henry Schein private-brand products in stock, as well
as more than 180,000 additional products available as special-order
items.
A FORTUNE 500 Company and a member of the S&P 500® index,
Henry Schein is headquartered in Melville, N.Y., and has operations
or affiliates in 31 countries. The Company's sales from continuing
operations reached $10.0 billion in 2019, and have grown at a
compound annual rate of approximately 13 percent since Henry Schein
became a public company in 1995.
For more information, visit Henry Schein at www.henryschein.com,
Facebook.com/HenrySchein, and @HenrySchein on Twitter.
Cautionary Note Regarding Forward-Looking Statements
In accordance with the "Safe Harbor" provisions of the Private
Securities Litigation Reform Act of 1995, we provide the following
cautionary remarks regarding important factors that, among others,
could cause future results to differ materially from the
forward-looking statements, expectations and assumptions expressed
or implied herein. All forward-looking statements made by us are
subject to risks and uncertainties and are not guarantees of future
performance. These forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause our
actual results, performance and achievements or industry results to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. These statements are identified by the use of such
terms as "may," "could," "expect," "intend," "believe," "plan,"
"estimate," "forecast," "project," "anticipate," “to be,” “to make”
or other comparable terms. A full discussion of our operations and
financial condition, status of litigation matters, including
factors that may affect our business and future prospects, is
contained in documents we have filed with the United States
Securities and Exchange Commission, or SEC, and will be contained
in all subsequent periodic filings we make with the SEC. These
documents identify in detail important risk factors that could
cause our actual performance to differ materially from current
expectations.
Risk factors and uncertainties that could cause actual results
to differ materially from current and historical results include,
but are not limited to: effects of a highly competitive and
consolidating market; increased competition by third party online
commerce sites; our dependence on third parties for the manufacture
and supply of our products; our dependence upon sales personnel,
customers, suppliers and manufacturers; our dependence on our
senior management; fluctuations in quarterly earnings; risks from
expansion of customer purchasing power and multi-tiered costing
structures; increases in shipping costs for our products or other
service issues with our third-party shippers; general global
macro-economic conditions; risks associated with currency
fluctuations; risks associated with political and economic
uncertainty; disruptions in financial markets; volatility of the
market price of our common stock; changes in the health care
industry; implementation of health care laws; failure to comply
with regulatory requirements and data privacy laws; risks
associated with our global operations; risks associated with the
Novel Coronavirus Disease 2019 (COVID-19); risk associated with the
United Kingdom's withdrawal from the European Union; transitional
challenges associated with acquisitions, dispositions and joint
ventures, including the failure to achieve anticipated
synergies/benefits; financial and tax risks associated with
acquisitions, dispositions and joint ventures; litigation risks;
new or unanticipated litigation developments and the status of
litigation matters; the dependence on our continued product
development, technical support and successful marketing in the
technology segment; our dependence on third parties for certain
technologically advanced components; risks from disruption to our
information systems; cyberattacks or other privacy or data security
breaches; certain provisions in our governing documents that may
discourage third-party acquisitions of us; and changes in tax
legislation. The order in which these factors appear should not be
construed to indicate their relative importance or priority.
We caution that these factors may not be exhaustive and that
many of these factors are beyond our ability to control or predict.
Accordingly, any forward-looking statements contained herein should
not be relied upon as a prediction of actual results. We undertake
no duty and have no obligation to update forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20200310005887/en/
Investors Steven Paladino Executive Vice President and Chief Financial
Officer steven.paladino@henryschein.com (631)
843-5500
Carolynne Borders Vice President, Investor Relations
carolynne.borders@henryschein.com (631) 390-8105
Media Ann Marie Gothard Vice
President, Corporate Media Relations
annmarie.gothard@henryschein.com (631) 390-8169
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