IMCERA'S MALLINCKRODT MEDICAL UNIT AGREES TO ACQUIRE TRACHEOSTOMY PRODUCTS BUSINESS FROM SORIN BIOMEDICAL, INC.
NORTHBROOK, Ill., Nov. 19 ~PRNewswire~ -- IMCERA Group Inc. (NYSE: IMA) announced today that its Mallinckrodt Medical unit of St. Louis has signed an agreement to purchase the tracheostomy products business of Sorin Biomedical, Inc. The purchase price will be $85 million. Other terms of the proposed purchase were not disclosed. The transaction is expected to close before the end of 1992, subject to board of director approval, governmental clearance and other conditions. The announcement was made jointly by Ray Holman, president and chief executive officer of Mallinckrodt Medical, and Carlo Vanoli, president and chief executive officer of Sorin Biomedical of Irvine, Calif. Located in Irvine, the tracheostomy products business of Sorin Biomedical is a world leader in the manufacture and sale of a broad range of tracheostomy tubes and related accessories sold under the Shiley brand name. Sorin's tracheostomy business had fiscal 1992 revenues of $42.2 million. "This important acquisition will enhance Mallinckrodt Medical's position in airway management markets," said M. Blake Ingle, IMCERA president and chief executive officer. "It is not expected to dilute our performance in fiscal 1993 and will begin to add to our results in fiscal 1994 and beyond." "This organization will provide Mallinckrodt with a highly respected and recognized franchise with significant growth potential in international markets," Holman said. "The Shiley brand is the world leader in tracheostomy products." Mallinckrodt Medical currently does not compete in the U.S. tracheostomy tube market but does sell tracheostomy products outside the U.S. "This acquisition will be an excellent complement to our existing anesthesiology business," said Robert G. Moussa, senior vice president and group executive of Mallinckrodt Medical. Founded in 1964, Shiley, Inc. introduced a tracheostomy tube in 1970 that soon became the leading product in the industry. The company has maintained U.S. market leadership in tracheostomy tubes for the past 20 years. In 1979, Shiley was purchased by Pfizer, Inc. Earlier this year, Pfizer sold selected assets, including its tracheostomy business, to Sorin Biomedical. Mallinckrodt Medical is a major supplier of products for radiology, cardiology, nuclear medicine and critical care as well as anesthesiology. The company had fiscal 1992 worldwide sales of $620 million. Its products are sold in more than 100 countries and are used by more than 7,000 health care facilities in the U.S. Sorin Biomedical is part of the Sorin Group headquartered in Turin, Italy, and is a leading worldwide supplier of cardiovascular devices and diagnostics. Sorin Group sales in 1992 are expected to exceed $600 million. Sorin's parent company is Fiat, the largest private sector industrial concern in Italy with 1991 revenues of more than $50 billion. IMCERA, a Fortune 250 company with fiscal 1992 net sales of more than $1.7 billion, has two other international, technology-based businesses -- Mallinckrodt Specialty Chemicals of Chesterfield, Mo., and Pitman-Moore of Lake Forest, Ill. -0- 11~19~92 ~CONTACT: Dave Prichard of IMCERA Group Inc., 708-205-2270~ (IMA)
CO: IMCERA Group Inc.; Sorin Biomedical, Inc. ST: Illinois, California IN: HEA SU: TNM
TS -- NY026 -- 2747 11~19~92 09:58 EST
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|Date:||Nov 19, 1992|
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