San Diego-based CareFusion Corp., a medical technology company, will spend about $150 million to purchase German company Rowa, which specializes in high-speed storage and retrieval of medication for retail and hospital pharmacies.
The transaction, which is expected to close by the end of the first quarter of 2012, is part of CareFusion’s larger plan to expand its medication management business in the U.S. and abroad.
In a company announcement on July 5, CareFusion said that Rowa’s technologies complement CareFusion’s own line of Pyxis automated medication dispensing systems.
Rowa has installed more than 3,500 of its systems, designed to secure and automate large volumes of medications, in 30 countries. Last year the company expanded sales into Australia, Canada and other new markets.
“We see an opportunity to provide customers outside the U.S. with a complete medication management offering and accelerate our global growth,” Kieran Gallahue, chairman and CEO of CareFusion, said in a statement.
CareFusion said it would continue Rowa’s focus on retail pharmacies while also targeting expansion at hospitals.
Rowa has more than 300 employees and is headquartered in Kelberg, Germany with operations in Italy, the Netherlands, Denmark and Sweden.
Shares of CareFusion, which trade on the New York Stock Exchange under the symbol CFN, closed at $27.76 on July 5, up slightly from the previous day’s closing price of $27.67.