FRANKLIN, Tenn.--(BUSINESS WIRE)--Mar. 1, 2016--
Community Health Systems, Inc. (NYSE: CYH) announced today that a
subsidiary of the Company has acquired an 80 percent ownership interest
in a joint venture entity with Indiana University Health that includes
substantially all of the assets of 227-bed IU Health La Porte Hospital
in La Porte, Indiana, 50-bed IU Health Starke Hospital in Knox, Indiana,
and affiliated outpatient centers and physician practices.
Commenting on today’s announcement, Wayne T. Smith, chairman and chief
executive officer of Community Health Systems, Inc., said, “This
affiliation extends our footprint into new markets in Indiana, a state
where we already have significant operations. We look forward to working
with IU Health and supporting the dedicated physicians and employees who
care for the La Porte and Starke communities.”
IU Health La Porte and Starke Hospitals are located in Northwest Indiana
near Porter Health Care System in Valparaiso, a CHS-affiliated network
that includes two acute care facilities. This acquisition brings the
total number of CHS-affiliated hospitals in Indiana to 11.
About Community Health Systems, Inc.
Community Health Systems, Inc. is one of the largest publicly-traded
hospital companies in the United States and a leading operator of
general acute care hospitals in communities across the country. Through
its subsidiaries, the Company currently owns, leases or operates 197
affiliated hospitals in 29 states with an aggregate of approximately
30,000 licensed beds.
The Company has announced plans for a spin-off transaction to create a
new, publicly-traded company, Quorum Health Corporation, with 38
affiliated hospitals and related outpatient services in 16 states,
together with Quorum Health Resources, LLC, a subsidiary providing
management advisory and consulting services to non-affiliated hospitals.
The transaction is expected to close during the first half of 2016.
The Company’s headquarters are located in Franklin, Tennessee, a suburb
south of Nashville. Shares in Community Health Systems, Inc. are traded
on the New York Stock Exchange under the symbol “CYH.” More information
about the Company can be found on its website at www.chs.net.
Statements contained in this news release regarding expected operating
results, acquisition transactions or divestitures and other events are
forward-looking statements that involve risk and uncertainties. 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, including the
Company’s annual report on Form 10-K, current reports on Form 8-K and
quarterly reports on Form 10-Q. These filings identify important risk
factors and other uncertainties that could cause actual results to
differ from those contained in the forward-looking statements. The
Company undertakes no obligation to revise or update any forward-looking
statements, or to make any other forward-looking statements, whether as
a result of new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160301005378/en/
Source: Community Health Systems, Inc.
Community Health Systems, Inc.
Larry Cash, 615-465-7000
President of Financial Services and Chief
Senior Vice President, Corporate Communications,
Marketing and Public Affairs