Performance positions Carestream health for future growth
Company recapitalizes its balance sheet.
ROCHESTER, New York—Carestream has announced today that the recapitalization of its balance sheet, and the company says it is well-positioned for future growth.
Carestreamevaluated various strategic alternatives in early 2013. Due to the company’s strong performance and attractive future prospects, Onex and Carestream’s Board of Directors chose to refinance the company’s debt and continue to invest in long-term growth.
“Based on Carestream’s improving market position, strong cash flow and proven management team, we determined that a recapitalization would be the most attractive alternative,” commented Robert Le Blanc, Carestream’s chairman of the board and a senior managing director of Onex.
“We are excited to continue working with the management team and employees to support the long-term growth of the business.”
In the six years since its founding, Carestream has delivered a 2.6x multiple of invested capital to shareholders while simultaneously increasing investments in research and development and customer support. These investments have resulted in successful and new product introductions that have contributed to recent growth and improved prospects.
“We have a strong business and a bright future,” said Kevin Hobert, CEO of Carestream.
“With an employee base passionate about delivering high-quality solutions to our customers, a portfolio of market-leading products and the financial strength to invest in our future, we are poised to build on our past success and continue to innovate and grow. Our management team couldn’t be more excited about continuing to work with Onex, our board and our customers to build our business.”
For more informaiton, visit www.carestream.com.
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