Community Health Systems Acquires Waukegan, Illinois, Health System
Posted on: Wednesday, 5 July 2006, 09:00 CDT
Community Health Systems, Inc. (NYSE:CYH) announced today the closing, effective July 1, 2006, of the acquisition of the healthcare assets of Vista Health, which include Victory Memorial Hospital (336 licensed beds) and St. Therese Medical Center (currently utilizing 71 non-acute care beds), both located in Waukegan, Illinois and to be renamed "Vista Medical Center East" and "Vista Medical Center West," respectively. Other assets being acquired are Vista Imaging Center, located in Gurnee, Vista Surgery and Treatment Center in Lindenhurst, and Vista M.R. Institute, with locations in Lindenhurst and Gurnee. The seller is a non-profit corporation.
"We are very pleased to bring these important, community based health care assets into the Community Health Systems portfolio of facilities," said Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems, Inc. "We would like to thank the patients, the medical staff, the employees, and the other community stakeholders who have supported us during the approval process for this transaction, and we look forward to working with and serving each of these groups."
Located in the Nashville, Tennessee, suburb of Brentwood, Community Health Systems is a leading operator of general acute care hospitals in non-urban communities throughout the country. Through its subsidiaries, the Company currently owns, leases or operates 76 hospitals in 22 states. Its hospitals offer a broad range of inpatient and outpatient medical and surgical services. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol "CYH."
Statements contained in this news release are forward-looking statements that involve risks and uncertainties, including particularly the ability to consummate this acquisition transaction and to integrate and improve the operations at these facilities. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc. with the Securities and Exchange Commission, specifically the most recent filings which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including execution of our growth, acquisition, and business strategies. These and other applicable risks are summarized under the caption "risk factors" in the Company's Securities and Exchange Commission filings.
Source: Business Wire
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