Community Health Systems, Inc. (NYSE:CYH) announced today that a subsidiary has acquired the assets of Porter Health, an expansive system providing services to patients across Northwest Indiana. Hospital campuses are located in Valparaiso and Portage, Indiana, with a total of 338 licensed beds, and outpatient medical campuses in Chesterton, Demotte, and Hebron. The services provided by Porter Health are wide-ranging and include rehabilitation, oncology and occupational medicine. Valparaiso, the county seat of Porter County, is located 40 miles southeast of Chicago, Illinois and 40 miles west of South Bend, Indiana. A 225-bed replacement facility for the Valparaiso hospital will be constructed by no later than April 2011. The transaction was originally structured as an acquisition by Triad Hospitals, Inc., but transferred to Community Health Systems to facilitate a timely closing following the March 19th announcement that Triad Hospitals, Inc. and Community Health Systems, Inc. would merge. Porter Health is Community Health Systems, Inc.’s first acquisition in the State of Indiana.
“We are very excited to be joining the health team in the Porter County communities,” said Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems, Inc. “The county has done a tremendous job of raising the level of health services in these communities to the present status and we feel honored to be in a position to be able to build upon that history and tradition. Stepping into the shoes of Triad Hospitals on this transaction has enabled us to better understand and be in a position to fulfill the commitments made to the residents of Porter County. We look forward to working with the dedicated community leaders and health care teams at each of these facilities.”
Located in the Nashville, Tennessee, suburb of Franklin, 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 80 hospitals in 23 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 this facility. 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.