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
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|Date:||Jun 1, 1992|
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