Henry Schein sells stake in dental equipment importer
Henry Schein Inc. said Wednesday it would take a one-time charge of $11 million to $13 million from selling its stake in a dental-equipment importer in the Middle East.
The Melville-based company, a global distributor of medical products, did not disclose the sale price. The charge will amount to 13 cents to 15 cents per diluted share, in the third quarter of 2013.
Shares of Henry Schein closed Wednesday at an all-time high of $100.25, surpassing the $100 mark for the first time.
Henry Schein's stake in the importer was noncontrolling and unprofitable. Schein chairman and president Stanley M. Bergman said selling it was part of a broader strategy to focus on the company's core customer base.
"As part of that plan, we have elected to divest our interest in this noncore holding to further align our investments targeting our primary customer base, the office-based practitioner," Bergman said.
Henry Schein is Long Island's largest company in terms of revenue and one of the region's fastest-growing. Its sales have boomed in recent years as worldwide demand has grown for dental implants, surgical instruments and other medical supplies.
The company employs nearly 15,000 people, including about 1,200 on Long Island. It operates in 24 countries.