Henry Schein, the Melville-based health care supply giant, said Thursday it has agreed to buy an 80 percent stake in a Polish veterinary products distributor.
The Long Island company did not disclose how much it was paying for the controlling stake in Medivet S.A., which is privately held and had roughly $80 million in sales this past year. The transaction requires approval by Poland's competition and tax authorities and is expected to close in the first quarter of 2014.
"We are delighted to enter the Polish animal health market in a position of leadership," Henry Schein chairman and chief executive Stanley M. Bergman said.
Medivet, headquartered in Srem, Poland, was founded in 1992 by Piotr Trojanek, who remains chairman of the company's board. Medivet serves about 2,200 customers across Poland and has about 250 employees. Trojanek and other members of Medivet's management team will hold the remaining shares of the company.
The acquisition will increase to 12 the number of European countries where Henry Schein's animal health division operates, providing a strategic base for expanding in Eastern Europe.
Henry Schein expects the transaction to dilute its earnings per share by about 1 cent during the first year and between 1 and 2 cents in the next.
Henry Schein employs nearly 16,000 people, including about 1,200 on Long Island. It operates in more than 20 countries.