Swissray to divest Empower in retooling

March 4, 1998

Swissray International has released more details on its plans to reorganize the company (SCAN 2/18/98). In a move designed to focus the firm on digital imaging, the New York City-based digital radiography developer has signed a letter of intent to

Swissray International has released more details on its plans to reorganize the company (SCAN 2/18/98). In a move designed to focus the firm on digital imaging, the New York City-based digital radiography developer has signed a letter of intent to sell its Swissray Empower U.S. film and x-ray accessories division to distributor E.M. Parker, based in Wilmington, MA.

Terms of the transaction are still being negotiated, with a completion date expected during the current fiscal year, according to Swissray. Swissray had acquired the Empower business in April 1997 as part of the firm's attempt to offer a wide range of products and services to customers.

In other reorganization developments, the company's board of directors has decided to restructure its senior management as part of a plan to grow Swissray beyond a developmental-stage company, said Ruedi Laupper, chairman. A search is under way for a new CEO and CFO. Laupper, who previously also held the titles of president and CEO, retains primary responsibility for day-to-day operations.

In other company news, Swissray has sold another AddOn-Multi-System, to Dutchess Radiology Associates of Poughkeepsie, NY. Financial terms of the sale were not released.