Patterson Dental expanding into pet supply distribution
Tuesday, July 10, 2001
Patterson Dental Co., one of the largest distributors of dental supplies, said Monday that it is diversifying into veterinary supplies by buying the operating assets of J.A.
Webster Inc. for $92.5 million.
Webster, which will be operated as a wholly owned subsidiary under current management, is the nation's third-largest distributor of veterinary supplies for household
pets.
The cash and stock purchase, which might include additional cash payments over five years, is expected to add immediately to earnings and contribute 3 to 4 cents per
share to Patterson's fiscal 2002 earnings, the Mendota Heights-based company said.
Patterson's sales for fiscal 2001, which ended April 29, rose 18 percent to $1.04 billion, and earnings were up 29 percent over the previous year, to $64.5 million, or 95
cents a share.
Webster's sales rose 12 percent to approximately $150 million in the year ended Dec. 31. By comparison, the companion pet veterinary supply market is growing at an
estimated annual rate of 6 percent to 7 percent.
Patterson stock rose $1.08 to $34.31.
-- Associated Press
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