Cecil Kost to Advance Company’s Leadership in Patient Safety Identification; Gary Hutchinson to Continue as Board Member
San Fernando, CA (November 8, 2010) – Precision Dynamics Corporation (PDC), the global leader in healthcare identification solutions, announced today that it has appointed Cecil Kost, a longtime healthcare executive, to president and chief executive officer. Mr. Kost assumes the position from Gary Hutchinson, who joined PDC as a board member in 2002 and shortly thereafter was named CEO, helping to grow the company into one of the industry’s leading providers of patient safety identification (ID) solutions. Mr. Hutchinson will continue to serve as a board member and executive advisor to PDC.
“Under Gary’s leadership, PDC has achieved substantial growth to become a significant presence in the fast-growing sector of patient safety. Moving forward, the company is well-positioned to expand its capabilities to have a greater impact in improving patient outcomes. Cecil’s management expertise, combined with his innovative thinking and creativity make him the ideal executive to lead PDC through its next phase of strategic growth,” said Curt Selquist, chairman of PDC’s board of directors and an operating partner with Water Street, a strategic private equity firm focused exclusively on healthcare.
Mr. Kost has more than 25 years experience leading and growing a wide range of healthcare companies. He most recently served as president and CEO of MedManage Systems, Inc., which he built into the leading provider of online drug sampling. Previously, Mr. Kost was president of e-commerce for SciQuest, Inc., a company specializing in software, information and services for pharmaceutical and biotechnology companies. Mr. Kost also was a senior executive with Curtin Matheson Scientific, which he helped grow into a leading distributor of clinical instruments, diagnostics and consumables prior to the company’s merger with Fisher Scientific.
Mr. Kost commented: “PDC is highly regarded for its leadership in patient safety. I am excited to join this talented organization and build on its core strength of identification solutions. I believe PDC has a tremendous opportunity to play a more meaningful role in partnering with healthcare providers to reduce the number of adverse medical events and improve positive patient outcomes.”
Founded in 1956, PDC specialized in identification wristbands. Water Street invested in the company in 2007, and a year later facilitated PDC’s acquisition of TimeMed Labeling Systems, Inc., which produced specialty healthcare labels. The combination broadened PDC’s portfolio of products to create a leading global provider of healthcare identification solutions that reach every major touch point in the delivery of care.
About Precision Dynamics Corporation
The Leading Provider of Positive ID and Positive Outcomes™
With more than 50 years of experience, Precision Dynamics is the global leader and pacesetter in the development of wristband and label systems. The company specializes in serving the healthcare, leisure and entertainment, and law enforcement industries. Precision Dynamics introduced the first single-piece patient wristband, first bar code wristband system, first Smart Band® RFID wristband system, and the award winning PDC Smart® Kiosk.
Precision Dynamics’ products are used in leading hospitals worldwide and comprise a comprehensive range of wristband and labeling systems that provide positive ID and positive clinical outcomes, and meet important guidelines of The Joint Commission, World Healthcare Organization, FDA, AHA, and HIPAA. As an ISO 9001 certified company, Precision Dynamics follows a systematic, world-standard approach to ensure superior product design, manufacturing, and customer support services. The company strives to understand customer needs and measures performance through vehicles such as its Customer Council and Customer Survey programs. For more information, visit www.pdcorp.com.
About Water Street
Water Street Healthcare Partners is a strategic private equity firm focused exclusively on healthcare. The firm has a strong record of building market-leading companies across key growth sectors in healthcare. It has partnered with some of the world’s leading healthcare companies on its investments including: Johnson & Johnson, Medtronic and Smith & Nephew. Water Street’s team is comprised of industry executives and private equity professionals with decades of experience investing in and operating global healthcare businesses. The firm is headquartered in Chicago. For more information about Water Street, visit www.wshp.com.