Puritan-Bennett Buys 40% Stake in Foxs Labs
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Puritan-Bennett Corp. said it has acquired Beta Sensor Partners’ 40% interest in Foxs Labs Inc. of Carlsbad for $9.1 million in cash.
Puritan-Bennett said since Foxs Labs reached advanced development of its invasive arterial blood gas technology for continuous patient monitoring earlier than expected, it plans to increase investment in research and development and manufacturing process development.
The company said the additional interest expense and good will amortization costs from the acquisition along with the accelerated R&D; and manufacturing spending, will represent an extraordinary expenditure of about 34 cents per share spread during the last half of 1989 and all of 1990.
Puritan-Bennett said some of the investments, particularly in 1990 and beyond, can be funded from normal sales growth and R&D; spending. The company also decided to take an extraordinary gain of about 25 cents a share.
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