This Medical Laboratory Acquisition Positions Sonic in Nation’s Largest Lab Testing Market
Sonic Healthcare, Ltd. (ASX: SHL) acquired Physicians Automated Laboratory, Inc., (PAL) of Bakersfield, California, in a transaction that closed December 31, 2010. With this acquisition, Sonic Healthcare gains its first medical laboratory in California—the nation’s largest and most competitive market for clinical laboratory testing services.
Physicians Automated Laboratory was founded in 1967. It employs about 210 people and handles approximately 2,000 patient tests daily. One of the last of the pathologist-owned and operated local laboratory companies, PAL has two primary owners who are nearing retirement. Pathologist and Medical Director William Schmalhorst, M.D., is 80 years old. Chief Executive Officer C. Bruce Smith is 65 years old. (more…)