Medical equipment supplier Owens & Minor Inc said it is planning to enter the European healthcare market through a $158 million buyout of the third-party logistics operations of German-based pharmaceutical distributor Celesio AG.

Owens, which was founded in Richmond, Virginia in 1882, it expects the deal to dilute its full-year earnings, but not affect 2013 earnings per share and be accretive thereafter.

The unit to be bought, Movianto Group, provides logistics services such as warehousing, transportation, re-packaging and re-labeling to pharmaceutical, biotechnology and healthcare companies. It operates from 23 centers in 11 European countries.

"Movianto's operational capabilities and services are highly complementary to OM HealthCare Logistics, Owens & Minor's domestic healthcare 3PL service offering," Owens said in a statement.

Movianto reported a net loss of 1.3 million euros ($1.58 million) in the first quarter, compared with a profit of 1 million euros a year ago, according to Celesio's interim quarterly report.

Separately, Owens reported second-quarter results slightly below analysts' estimates.

April-June net profit rose to $30.1 million, or 48 cents per share, from $29.2 million, or 46 cents per share, a year ago.

Revenue rose about 3 percent to $2.19 billion.

Analysts on an average had expected a profit of 49 cents per share on revenue of $2.23 billion, according to Thomson Reuters I/B/E/S. (Reuters)