First American Subsidiary to Buy Drug-Testing Firm
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First American Corp. in Santa Ana said Tuesday a subsidiary is buying Substance Abuse Management Inc., a Milwaukee-based drug-testing company, to reach more customers in the $2.6-billion employment-screening market. Terms of the acquisition weren’t disclosed.
First American’s subsidiary, HireCheck Inc., agreed to acquire the Milwaukee company. HireCheck, which is based in St. Petersburg, Fla., performs background checks and drug screenings. It has 2,200 employees and field agents.
First American shares fell 15 cents to $17.75 on the New York Stock Exchange. The company announced the news after the close of U.S. markets.
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