Remember NOV owns NCES
You don't think NOV is selling off some of its company do you:-))))
Thursday July 1, 5:11 pm Eastern Time
Company Press Release
SOURCE: NovaCare, Inc.
NovaCare Completes Sale of Orthotics and Prosthetics Business to Hanger
KING OF PRUSSIA, Pa., July 1 /PRNewswire/ -- NovaCare, Inc. (NYSE: NOV - news), a leading national provider of physical rehabilitation and employee services, announced today that it has completed the previously announced sale of its orthotics and prosthetics business to Hanger Orthopedic Group, Inc. (NYSE: HGR - news) for $445 million including cash proceeds of approximately $399 million and the assumption of $37 million of seller notes. NovaCare used $347 million of the proceeds to entirely retire its bank debt.
NovaCare, Inc. is a national leader in physical rehabilitation and employee services. The company is the nation's second largest provider of outpatient physical rehabilitation and occupational health services with 623 locations in 31 states. Its subsidiary, NovaCare Employee Services Inc., is a leading national professional employer organization, administering the full array of human resource functions, including the management of health care benefits and workers' compensation, for small and medium-sized businesses.
SOURCE: NovaCare, Inc.
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