NovaCare Evaluating Strategic Alternatives
PR Newswire - July 09, 1998 08:18
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KING OF PRUSSIA, Pa., July 9 /PRNewswire/ -- NovaCare, Inc.
(NYSE: NOV), a leading national provider of rehabilitation and
employee services, announced today that it has engaged Salomon
Smith Barney and Wasserstein Perella & Co. to explore strategic
alternatives, including a spin-off of one or more of its businesses.
"Over the past seven years NovaCare has taken advantage of market
opportunities to establish new businesses in health care and employee
services," said Timothy E. Foster, chief executive officer. "Today,
the opportunities available from focusing specifically on the disparate
operating, market and regulatory environments of our businesses may
outweigh the synergistic value of going forward as a single company.
For that reason, we are evaluating alternatives."
NovaCare, Inc. is a national leader in physical rehabilitation services
and employee services and a rapidly growing provider of
occupational health services. As the clinical leader in rehabilitation,
the company treats more than 40,000 patients per day in
cost-effective outpatient and long-term care settings, and has achieved
number one market shares in long-term care and orthotic and
prosthetic rehabilitation. In addition, NovaCare is the nation's
second largest provider of outpatient rehabilitation services. Its
subsidiary, NovaCare Employee Services, Inc., is the second largest
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. |
