17 Jun 2002
ESC Medical Systems and Coherent Medical Group have merged to form Lumenis.
Coherent has completed the sale of its medical products business, Coherent Medical Group (CMG), to ESC Medical Systems Ltd for a combination of cash and ESC stock valued at more than USD 200 million. Coherent anticipates that the sale will result in a one-time gain that will be reflected in the results of its third fiscal quarter ending 30 June, 2001.
The combined company, based in Yokneam, Israel, will change its name to Lumenis. "I believe that this transaction will benefit all involved," said Bernard Couillaud, Coherent's president and CEO. "The skills resident in the combined operations of ESC and CMG and the resultant synergies should benefit Lumenis customers as well as, in the long-term, the stockholders of ESC and Coherent. Additionally, Lumenis employees should benefit from the career opportunities afforded by a much larger company that is a clear leader in its markets."