Hemagen completes purchase of remaining ownership in Brazilian subsidiary

By Lisa Kerner

Erie, Pa., Feb. 10 - Hemagen Diagnostics, Inc. reported on Friday that it purchased the remaining 16.3% ownership of its Brazilian subsidiary, Hemagen Diagnosticos Comercio, Importacao Exportacao, Ltd., bringing the company's ownership of the subsidiary to 100%.

Hemagen Brazil was established in 1993 as a distributor for Hemagen's Virgo line of autoimmune and infectious disease test kits, according to a company news release.

Originally, three partners owned 49%, and Hemagen owned 51% of the subsidiary. Hemagen purchased 32.6% from two of the former partners in June 2004.

"The decision to own 100% of Hemagen Brazil was a key strategic goal established some time ago to facilitate growth and management control in Brazil and South America, which we consider an important market for the company," William P. Hales, president and chief executive officer, said in the release.

In 2005, Hemagen Brazil began distributing the Hemagen Diagnostics Analyst Benchtop Clinical Chemistry System to the veterinary market.

Hemagen Diagnostics is a biotechnology company that develops, manufactures and markets medical diagnostic test kits used to aid in the diagnosis of certain autoimmune and infectious diseases. The company is based in Columbia, Md.

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