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SPOKANE, Wash. (AP) — The Spokane-based medical testing laboratory PAML has been sold to industry giant LabCorp.
Terms of the sale, which was announced Thursday, were not disclosed.
LabCorp is buying the 60-year-old PAML from Providence Health & Services and Catholic Health Initiatives, two of the nation's largest health care systems. Pathology Associates Medical Laboratories employs over 1,600 people, tests samples collected in eight states and generates about $300 million a year in revenue.
The Spokesman-Review says the sale requires approval from the Federal Trade Commission.
The newspaper says many PAML employees are upset by the sale, and it is unclear if the company will continue to have a presence in Spokane.
PAML and its joint ventures provide laboratory services in Washington, Idaho, Montana, Oregon, Utah, California, Colorado and Kentucky.
Information from: The Spokesman-Review, http://www.spokesman.com
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