Henry Schein eyes Europe for expansion

NEW YORK (Reuters) - Henry Schein Inc. (HSIC.O: Quote, Profile, Research, Stock Buzz) said on Tuesday it is looking to expand its distribution network of dental and pet care products in Europe, catering to strong Baby Boomer demand.

"Our objective is to fill in the entire European market, to replicate what we have in the States," Stanley Bergman, Henry Schein's chairman and chief executive, said at the Reuters Health Summit in New York on Tuesday.

Bergman said the company, based in Melville, New York, is looking to round out its portfolio in Europe in its three main business areas: dental, medical and veterinary.

Henry Schein has about 37 percent of the North American dental product supply market, but only about 20 percent market share in Europe.

"Its the Baby Boomers that are driving the markets that we are in," Bergman said. "It's the basic concept of keeping your teeth in your mouth longer."

Bergman said Henry Schein is the only pan-European dental distribution company, with essentially all the markets covered except Scandinavia.

"So our objective is to mirror that on the animal health side. That is the smallest opportunity, but it is quite lucrative," Bergman said.