Date: October 17, 2002
Source: News Room
Stericycle Inc. (NasdaqNM: SRCL), a provider of medical waste services, has announced plans to buy smaller rival Scherer Healthcare Inc. (NasdaqNM: SCHR) for $41.5 million in cash. Stericycle is looking to expand into the business of handling sharp objects, including needles and scalpels. Scherer's reusable sharp objects program is marketed through its Bio Systems subsidiaries in 10 Northeastern and mid-Atlantic states and the Washington, D.C., area. Stericycle expects the acquisition to immediately add to its earnings. Scherer's revenue for the year ended March 31 was $20.4 million. Stericycle in 2001 had revenues of $359 million.
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