MERGERS AND ACQUISITIONS Merial, the animal health division of Sanofi, based in Paris, has acquired Newport Laboratories, a Worthington, Minn.-based provider of autogenous vaccines with a focus on swine and bovine production markets. Terms were not disclosed. The acquisition will enable Merial to expand its production-animal business in the United States.
Patterson Companies Inc., Mendota Heights, said that Patterson Medical, its rehabilitation supply and equipment unit, has acquired Australian-based Surgical Synergies Ltd., a distributor of physiotherapy, rehabilitation and mobility products serving the Australian and New Zealand markets. Terms were not disclosed, and the acquisition is expected to be moderately accretive to Patterson's consolidated results during Surgical Synergies' first year as part of Patterson Medical. With sales of about $10.0 million, Surgical Synergies expands Patterson Medical's previously established market position in the Australian and New Zealand rehabilitation market.
Graco Inc., Minneapolis, has closed on its $650 million acquisition of the Illinois Tool Works Inc. finishing businesses. The company previously announced that it had reached an agreement with the Federal Trade Commission, which allowed the closing to occur while the FTC investigates and considers a settlement proposal from Graco. The acquisition includes complementary powder and liquid finishing equipment operations, technologies and brands. The FTC has ordered Graco to hold the liquid finishing assets separate from the powder finishing and other Graco businesses while the FTC finishes its deliberations. In compliance with the FTC's order, the liquid finishing businesses have been placed within a structure that limits commingling of the liquid finishing operations with Graco's other businesses. Although the liquid finishing businesses are wholly owned by Graco, they will be run independently by existing management under the supervision of a trustee who reports directly to the FTC. At the completion of its review, the FTC will issue a final decision and order that will identify the products, businesses and/or assets that Graco will be required to divest. Such divestiture must be completed within 180 days following the issuance of the final decision and order and may include up to all of the liquid finishing businesses.
Ceridian Corp., Bloomington, has completed its acquisition of Dayforce Corp., a Toronto-based cloud Human Capital Management software and services solution provider. The acquisition concludes Ceridian's initial investment in Dayforce, which was announced in February 2011.
