Brady Corp. (BRC), a provider of identification solutions, said Friday it has acquired Precision Dynamics Corp. from private equity firm Water Street Healthcare Partners for $300 million in cash, subject to customary working capital and post-close adjustments.
Excluding one-time acquisition-related costs, Brady expects the acquisition to be slightly accretive to earnings per diluted share for the remainder of fiscal 2013, and $0.10 to $0.15 accretive to earnings per diluted share in the first full fiscal year.
The non-recurring acquisition-related costs are expected to include a one-time, non-cash tax charge of $25 to $30 million related to the repatriation of cash to the U.S. in financing this acquisition and $8 to $12 million of other acquisition-related expenses.
Valencia, Cal.-based Precision Dynamics is a leader in identification products primarily for the healthcare market, specializing in patient wristbands, specialty labels and identification systems used in hospitals to reduce medical errors and integrate and share patient data.
Precision Dynamics, with annual sales of about $173 million, employs 1,000 people globally, and has manufacturing facilities in Tijuana, Mexico and Port Orange, Fla., as well as a European sales office with light manufacturing in Nivelles, Belgium.
"The acquisition of PDC, a leader in the U.S. healthcare identification space, provides an important anchor position for Brady in the attractive healthcare market and fits well with our mission to identify and protect premises, products and people, and our vision to be the market leader in all of our businesses," said Brady President and Chief Executive Officer Frank Jaehnert.
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