What TSO3 Dumped Getinge?Just another reason TSO3 was wise to distance themselves from Getinge: (Reuters) - Swedish medical technology group Getinge <GETIb.ST> said on Sunday it would book a 1.8 billion crown ($200.9 million) provision related to surgical mesh product liability claims filed in the United States and Canada against its Atrium business.
The provision will impact the third quarter's operating result, the company said in a statement.
Manufacturers of surgical mesh products have faced hundreds of lawsuits in the United States in recent years. Patients are claiming damages for complications and injuries allegedly sustained after receiving the implants.
Getinge said the claims were being vigorously defended and there had been no adverse verdicts against Atrium Medical, which manufactures the implants and was acquired by Getinge in 2011.
Atrium Medical is evaluating the future of the surgical mesh business, the Swedish medical technology company said.
The company may book additional provisions in the future, and actual costs may be higher or lower than the provisions made, Getinge said.
Getinge had booked a 350 million crown provision in the first quarter of the year, related mainly to a fraud probe in Brazil, and has been hit this year by higher costs and unfavourable currency moves."
Getinge stock is down approximately 15% this morning. Glad we are on our own and, while they might still be assisting TSO3 with joint business opportunities, I'm glad we not part of that corporate mess any longer!
Do I still think Getinge's infection control division along with the technology leader TSO3 are take-out targets for a growing agressive company like Fortive? Now, more than ever!!