OSI Systems' Healthcare Division Moving to New Washington Headquarters
HAWTHORNE, Calif.--(BUSINESS WIRE)-- OSI Systems, Inc. (NAS: OSIS) , a vertically-integrated provider of specialized electronic products for critical applications in the Security and Healthcare industries, today announced that its Healthcare division, Spacelabs Healthcare, will relocate its headquarters to Snoqualmie, Washington in a state of the art 176,000 square-foot building that was recently acquired by OSI Systems. The move is expected to be completed by next spring and result in occupancy cost savings.
"We continue to seek opportunities to enhance our facilities while simultaneously reducing our operating expenses in a sustainable manner. The new headquarters in Snoqualmie provides a significant upgrade from our current headquarters and at a lower cost. We congratulate the division and the corporate asset management team in successfully executing this real estate transaction," Deepak Chopra, CEO of OSI Systems commented.
The purchase price of the property was approximately $14 million and was financed with an $11 million mortgage at an effective annual interest rate of 2.2%.
About OSI Systems, Inc.
OSI Systems, Inc. is a vertically integrated designer and manufacturer of specialized electronic system and components for critical applications in the homeland security, healthcare, defense and aerospace industries. We combine more than 30 years of electronics engineering and manufacturing experience with offices and production facilities in more than a dozen countries to implement a strategy of expansion into selective end product markets. For more information on OSI Systems Inc. or any of its subsidiary companies, visit www.osi-systems.com. News Filter: OSIS-G
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to the Company's current expectations, beliefs, projections and similar expressions concerning matters that are not historical facts and are not guarantees of future performance.Forward-looking statements involve uncertainties, risks, assumptions and contingencies, many of which are outside the Company's control, that may cause actual results may differ materially from those described in or implied by any forward-looking statement.All forward-looking statements are based on currently available information and speak only as of the date on which they are made.The Company assumes no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent it is required to do so in connection with its ongoing requirements under Federal securities laws.For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended June 30, 2012 and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.
OSI Systems, Inc.
Vice President, Business Development
KEYWORDS: United States North America California Washington
The article OSI Systems' Healthcare Division Moving to New Washington Headquarters originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.