FRANKLIN, Tenn.--(BUSINESS WIRE)--Dec. 29, 2015--
Community Health Systems, Inc. (NYSE: CYH) announced today that
subsidiaries of the Company have executed a definitive agreement to
acquire a majority ownership of 227-bed IU Health La Porte Hospital in
La Porte and 50-bed IU Health Starke Hospital in northwestern Indiana.
The subsidiaries will assume 80 percent ownership of the hospitals and
Indiana University Health will have 20 percent.
Commenting on today’s announcement, Wayne T. Smith, chairman and chief
executive officer of Community Health Systems, Inc., said, “We will
support the work of these hospitals to improve the overall health of
their communities by investing capital and expanding resources for
physicians and employees to deliver high quality care. Economic
development efforts in Northwest Indiana between Valparaiso and South
Bend and a new relationship with IU Health make these hospitals strong
additions to our network of facilities.”
With the addition of La Porte and Starke hospitals, Community Health
Systems affiliates will operate 11 hospitals in Indiana.
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 and consulting services to
non-affiliated hospitals. The transaction is expected to close during
the first quarter 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.
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Source: Community Health Systems, Inc.
Community Health Systems, Inc.
President of Financial Services and Chief
Senior Vice President, Corporate Communications,
Marketing and Public Affairs