South Bend Med Foundation To Refocus Core Business
South Bend Medical Foundation is selling its clinical testing laboratory business to focus on blood bank services and pathology. The organization’s board of directors voted to approve the sale to LabCorp (NYSE: LH). The deal is expected to close in the third quarter of 2019. SBMF is the community’s blood donation center and blood bank for area hospitals.
“South Bend Medical Foundation remains committed to serving our community and clients through our core business of pathology and blood banking services,” said Dr. Joyce Simpson, SBMF president.
SBMF says it will reinvest the proceeds from the sale into the organization in order to further enhance and modernize facilities. It also says the sale will ensure the ability to fund retiree pensions.
LabCorp, officially Laboratory Corporation of America Holdings, is an S&P 500 company headquartered in Burlington, North Carolina. Following a series of mergers and acquisitions, LabCorp has become one of the largest clinical laboratory networks in the world.
SBMF says LabCorp will provide northern Indiana an expanded range of laboratory services to hospitals, physicians and patients.
“We are very excited to enter into a full-service laboratory collaboration with SBMF, which perfectly aligns with LabCorp’s mission of improving health and improving lives,” said Amy Rhine-Pallas, senior vice president for LabCorp Diagnostics’ North Central division.