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Landauer, Inc. Announces Acquisition of IZI Medical Products, LLC
Date:11/14/2011

strategic fit and enhances our radiation safety continuum offering. There is significant synergy of customers between the companies and the combined brands of two market leaders allows for an expanded breadth of products and services to our healthcare clients.  Sales for IZI Medical Products for the nine months ended September 30, 2011 were approximately $14 million."

"The IZI team is excited about becoming a part of Landauer," said Helen Shafer, CEO of IZI Medical Products. "We believe that Landauer's resources will be of significant value to our long-term growth strategy and the fit from a cultural perspective is outstanding. We look forward to a long and profitable relationship with Landauer."

IZI Medical Products was acquired for approximately $93 million in cash, subject to customary purchase price adjustments. The acquisition is expected to be approximately $0.12-$0.16 accretive to earnings per share in fiscal year 2012. The structure of the transaction also provides Landauer with a future tax benefit with a net present value of approximately $18.6 million.

Senior Debt Facility

Landauer obtained financing for the IZI Medical Products acquisition through refinancing of Landauer's existing debt with a new $175 million revolving debt facility with a term of five years. This new line of credit will support borrowings to cover the purchase price and other costs associated with the transaction, refinance existing debt as well as provide in excess of $40 million for potential future strategic transactions and working capital needs. Robert W. Baird & Co. acted as financial advisor to Landauer on this transaction, while BMO Harris Bank is Administrative Agent and BMO Capital Markets and PNC Capital Markets were Co-Lead Arrangers on the debt refinancing and new debt facility.

Dividend Policy

The Company also announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.5
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SOURCE Landauer, Inc.
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