MENTOR, Ohio, Sept. 22 /PRNewswire-FirstCall/ -- STERIS Corporation (NYSE: STE) today announced the signing of an agreement with SHINVA Medical Instrument Company of the People's Republic of China to form a new joint venture company, STERIS-SHINVA Healthcare Systems Co., Ltd. The joint venture will manufacture and market STERIS's HAMO(R) brand washers to the healthcare market in China. STERIS will own 51% of the joint venture. The transaction is pending Chinese government approvals and is expected to close in four to six months.

The Company noted that the joint venture will also allow STERIS the future option to establish a manufacturing base for other products to be sold in the Asia-Pacific region, and is just one in a series of recent actions designed to establish a stronger presence in the region. In May of this year, the Company opened a representative office in Shanghai, China and in July, the Company established a subsidiary based in Calcutta, India. Previously, STERIS's presence in the region was through dealer and distributor arrangements. This more direct presence signals the importance of the region in the Company's growth strategy.

"Asia represents a significant growth opportunity for STERIS and is a key component to expanding our position as a world leader in our industry," said Les C. Vinney, STERIS's president and chief executive officer. "Our recent investments will raise our level of activity in the region and serve as a base to build upon for the future. The region is witnessing a strong increase in demand for infection control and surgical support products as a number of countries enhance their healthcare delivery systems. As a result, it is critically important that STERIS have a direct presence in key growth markets such as China and India to supplement our existing dealer network."

SHINVA is a provider of medical equipment in China and is publicly traded on the Shanghai Stock Exchange. Under the terms of the agreement, the new joint venture company will take the sales lead in the Chinese healthcare market by offering STERIS HAMO brand washers produced by the joint venture. Additionally, STERIS will take the sales lead in other countries in the region offering STERIS's full line of equipment and consumables along with the joint venture's HAMO washers and SHINVA's sterilizers, which they manufacture in China.

About STERIS

The mission of STERIS Corporation is to provide a healthier today and safer tomorrow through knowledgeable people and innovative infection prevention, decontamination and health science technologies, products and services. The Company's more than 5,000 dedicated employees around the world work together to supply a broad array of solutions by offering a combination of equipment, consumables and services to healthcare, pharmaceutical, industrial and government customers. The Company is listed on the New York Stock Exchange under the symbol STE. For more information, visit www.steris.com.

This news release may contain statements concerning certain trends, expectations, forecasts, estimates, or other forward-looking information affecting or relating to the Company or its industry that are intended to qualify for the protections afforded "forward- looking statements" under the Private Securities Litigation Reform Act of 1995 and other laws and regulations. Forward-looking statements speak only as to the date of this report, and may be identified by the use of forward-looking terms such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "targets," "forecasts," and "seeks," or the negative of such terms or other variations on such terms or comparable terminology. Many important factors could cause actual results to differ materially from those in the forward-looking statements including, without limitation, disruption of production or supplies, changes in market conditions, political events, pending or future claims or litigation, competitive factors, technology advances, and changes in government regulations or the application or interpretation thereof. Other risk factors are described in the Company's Form 10-K and other securities filings. Many of these important factors are outside STERIS's control. No assurances can be provided as to any future financial results. Unless legally required, the Company does not undertake to update or revise any forward-looking statements even if events make clear that any projected results, express or implied, will not be realized. Other potential risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, (a) the potential for increased pressure on pricing or raw material cost that leads to erosion of profit margins, (b) the possibility that market demand will not develop for new technologies, products or applications, or the Company's business initiatives will take longer, cost more or produce lower benefits than anticipated, (c) the possibility that application of or compliance with laws, court rulings, regulations, certifications or other requirements or standards may delay or prevent new product introductions, affect the production and marketing of existing products, or otherwise affect Company performance, results, or value, (d) the potential of international unrest or effects of fluctuations in foreign currencies of countries where the Company does a sizeable amount of business, and (e) the possibility of reduced demand, or reductions in the rate of growth in demand, for the Company's products and services.