Printer Friendly

SCIMED TO BEGIN EUROPEAN MANUFACTURING OPERATION

 SCIMED TO BEGIN EUROPEAN MANUFACTURING OPERATION
 MINNEAPOLIS, June 1 /PRNewswire/ -- SCIMED Life Systems, Inc.


(NASDAQ-NMS: SMLS) announced today that it has signed an agreement with American Home Products Corporation ("AHPC") which will enable SCIMED to begin manufacturing angioplasty catheter products in Belgium prior to the end of its fiscal year, ending Feb. 28, 1993.
 The agreement with AHPC provides for a period ending in mid-1993 during which AHPC's Belgian subsidiary, Sherwood Medical S.A. ("SMSA"), will provide contract manufacturing services for SCIMED. At the end of that period, SCIMED plans to purchase a newly formed subsidiary of SMSA to which certain SMSA assets, including the land, building, sterilization facilities and certain other equipment, will have been contributed.
 Under the terms of the agreement, SCIMED will also assume, upon purchase, employer responsibilities for a substantial number of current SMSA employees, giving the Company the advantage of immediate access to an already developed infrastructure.
 Dale A. Spencer, President and CEO, commented, "This agreement is an important step in the development of SCIMED's international presence. Specifically, it gives the Company the opportunity it has been seeking to establish European manufacturing and thereby enhance its commitment to its international customers. We are very excited and committed to making this new facility a success."
 SCIMED Life Systems, Inc. develops, manufactures, and markets disposable medical devices, principally coronary angioplasty catheters, for non-surgical treatment of coronary artery disease. SCIMED's shares are traded on the NASDAQ National Market System under the symbol SMLS.
 -0- 6/1/92
 /CONTACT: Karen J. Kelsey of SCIMED, 612-420-0329/
 (SMLS) CO: SCIMED Life Systems, Inc. ST: Minnesota IN: MTC SU: PDT


KH -- MN002 -- 5548 06/01/92 09:33 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 1, 1992
Words:277
Previous Article:C.H. HEIST CORPORATION PROMOTES TWO FINANCIAL EXECUTIVES
Next Article:WESTINGHOUSE, ROLLS-ROYCE FORM ALLIANCE FOR POWER GENERATION
Topics:


Related Articles
SCIMED ANNOUNCES NEW PRODUCT
SCIMED WITHDRAWS FROM PROGRAM WITH POSSIS SUBSIDIARY
SCIMED TO CONSTRUCT NEW FACILITY
SCIMED ANNOUNCES FIRST QUARTER RESULTS
SCIMED ELECTS NEW DIRECTOR
SCIMED ANNOUNCES LAWSUIT
SCIMED ANNOUNCES SECOND QUARTER RESULTS
SCIMED ANNOUNCES THIRD QUARTER RESULTS; SHIPS FIRST EXPRESS(R) RAPID EXCHANGE CATHETERS FROM ITS EUROPEAN FACILITY
SCIMED COMPLETES PURCHASE OF BELGIAN MANUFACTURING FACILITY
SCIMED TO SET UP RESERVE FOR JAPAN INVENTORY REPURCHASE

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