Printer Friendly

DOW CORNING TO SELL GLOBAL MEDICAL DEVICE BUSINESS

 DOW CORNING TO SELL GLOBAL MEDICAL DEVICE BUSINESS
 MIDLAND, Mich., June 29 /PRNewswire/ -- Dow Corning President Larry


Reed today announced plans to sell its global medical device business which includes orthopedic implant devices and some other specialty devices. Revenues from this business, which are principally derived from metal orthopedic devices, are estimated to be $100 million in 1992. The sale will not include the assets or potential liabilities associated with breast implants, an operation discontinued earlier this year.
 The company has retained the firm of Alex. Brown & Sons, Incorporated to assist it in evaluating its financial alternatives for the business. The sale is anticipated to be complete by year-end.
 "The decision to sell the medical device business was part of our ongoing strategic reviews," said Reed. "Dow Corning's primary expertise has come from materials innovation rather than device fabrication and distribution."
 "The innovative technology represented by the medical device business combined with its well-established manufacturing and global customer relationships make it a significant opportunity for a prospective new owner," Reed added. "Dow Corning's medical device business has achieved world leadership in small joint orthopedic devices like finger, wrist, and toe joints. Its family of large joint orthopedic devices include one of the leading modular knee systems, as well as computer-aided design and computer-aided manufacturing of customized hip joint replacements. These devices have restored mobility to and substantially improved the quality of life for hundreds of thousands of patients worldwide who otherwise would have remained disabled."
 The company expects that this prospective business transaction can be conducted so that employment disruption is minimized at the sites affected. "We anticipate transferring the approximately 525 employees who work at our Arlington, Tenn., facility to a new owner once we complete the transaction," said Reed. "During the transition period, we believe we can reassign to other Dow Corning operations affected employees at our Hemlock, Mich., facility who have been involved with this business."
 Dow Corning Corporation, a Michigan-based company, is equally owned by The Dow Chemical Company (NYSE: DOW) and by Corning, Incorporated (NYSE: GLW).
 -0- 6/29/92
 /CONTACT: Scott Seeburger, 517-496-4078, or Ed Hutchison, 517-496-4578, both of Dow Corning Corporation/
 (DOW GLW) CO: Dow Corning Corporation ST: Michigan IN: MTC CHM SU:


JG -- DE010 -- 4624 06/29/92 10:29 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 29, 1992
Words:379
Previous Article:HOGAN SYSTEMS ANNOUNCES APPOINTMENT OF MICHAEL ANDERSON AS PRESIDENT AND CHIEF EXECUTIVE OFFICER
Next Article:NATIONSBANK, NAACP OPEN CHARLOTTE COMMUNITY DEVELOPMENT RESOURCE CENTER
Topics:


Related Articles
DOW CORNING ANNOUNCES $10 MILLION RESEARCH FUND TO CONTINUE STUDY OF SILICONE BREAST IMPLANT SAFETY
FIRST AND FINAL ADD TO DOW CORNING BREAST IMPLANTS.
DOW CORNING ANNOUNCES 1992 FINANCIAL RESULTS
DOW CORNING POSTS THIRD QUARTER FINANCIAL RESULTS
Dow Corning Announces Formation of Dow Corning Compound Semiconductor Solutions; Demonstrates strong commitment to developing and manufacturing SiC...
Dow Corning Announces New Global Photonic Solutions Business; New business leverages the advantages of silicon-based materials into the optical...
Dow Corning and Rohm and Haas: Innovation in Action at MD&M West 2004; Visit Dow Corning at Booth #2219.
Dow Corning and Rohm and Haas Forge Strategic Alliance ~ An Exciting Alliance Between Industry Leaders ~.
Dow Corning Announces Intent to Acquire Raychem Power Materials Business Unit of Tyco Electronics.
Dow Corning Appoints Electronics Business and Service Solutions Leaders.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters