Agfa shows strong growth after European IPOs

Agfa-Gevaert’s acquisition of Sterling Diagnostic Imaging and strong sales in 1999 resulted in the company showing a profit of $13.9 million in the year ending March 28, Agfa reported. Figures for the previous year, before the company went public, were not available.

Agfa completed separation from its parent company, Bayer, at the beginning of last year, and went public on the Brussels and Frankfurt stock exchanges on June 4. Bayer retains about 35% of Agfa.

Agfa had sales of $4.67 billion for the year, compared to $4.31 billion a year earlier. The acquisition and integration of Greenville, SC-based Sterling, along with strong internal growth, particularly in the field of so-called new digital solutions, contributed to the rise in sales, according to a company statement.

New digital solutions include digital radiography, digital medical networks, and digitally oriented laboratory equipment.

The Sterling acquisition increases Agfa’s share of the world market in medical imaging from about 20% to nearly 30%. Medical imaging is part of Agfa’s technical imaging segment, which is now the company’s second-largest division, accounting for 31% of sales.