Siemens' Small-Picture ThinkingNEW YORK - This morning, the German industrial giant Siemens placed a $1 billion bet on the fast-growing molecular-imaging market. The company announced an agreement to spend that amount on CTI Molecular Imaging, a small 22-year-old company that posted earnings of just $58 million on sales of $402 million for the fiscal year ended Sept. 30, 2004.
Siemens to Buy U.S. Medical Imaging Company CTI for $1 Billion
March 18 (Bloomberg) -- Siemens AG, the world's second- largest maker of medical equipment, agreed to buy CTI Molecular Imaging Inc. in a transaction valued by the company at about $1 billion.
Siemens, based in Munich in Germany, will pay $20.50 for each share of the company, it said in a Business Wire statement today. The company expects the transaction to close in the second quarter. CT shares yesterday closed at $17.53.