Smith Labs to Merge: Smith Laboratories, a...

Smith Labs to Merge: Smith Laboratories, a publicly traded San Diego-based medical equipment manufacturer, has agreed to merge with closely held Columbia Hospital Corp. of Ft. Worth and seven of Columbia’s affiliated companies in a tax-free exchange of stock. Columbia Hospital Corp. owns and operates acute care hospitals in Texas and Florida and is controlled by former Bass brothers adviser Richard Rainwater and Richard Scott. In existence only two years, Columbia Hospital Corp. is expected to generate revenue of $130 million in 1989.