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 NORTHBROOK, Ill., Aug. 19 /PRNewswire/ -- The board of directors of IMCERA Group Inc. (NYSE: IMA), the parent corporation of Mallinckrodt Medical, Mallinckrodt Specialty Chemicals and Pitman-Moore, has decided to move IMCERA's corporate headquarters from the Chicago suburb of Northbrook to St. Louis in the spring of 1994, the company announced today.
 "The new location for our corporate headquarters will facilitate communication between the corporate office and two of our key companies, the Mallinckrodt subsidiaries already based in St. Louis," said C. Ray Holman, president and chief executive officer of IMCERA. "The move will enable us to operate more effectively and profitably."
 Holman emphasized that the change will have no effect on the operations of IMCERA's Pitman-Moore subsidiary, a leading worldwide animal health and nutrition company headquartered in the Chicago suburb of Mundelein. "We plan to build upon our Chicago area presence through Pitman-Moore," Holman said.
 About 70 percent of IMCERA's 10,000 worldwide employees are associated with Mallinckrodt Medical and Mallinckrodt Specialty Chemicals, and approximately 27 percent of the 10,000 employees live in the St. Louis area, where IMCERA employment has grown about 50 percent in the past five years. In addition, approximately 70 percent of IMCERA's fiscal 1993 revenues of $1.8 billion and 80 percent of its earnings are derived from its Mallinckrodt subsidiaries.
 As part of the move to St. Louis and a continuing direction of decentralizing administrative activities, IMCERA's corporate staff of about 120 will be reduced.
 "However, costs associated with the staff reduction and the relocation will not affect fiscal 1994 earnings," Holman said. "These expenses were provided for in our fiscal 1993 corporate-wide restructuring charge previously announced. Annual savings from the location change and downsizing are expected to be several million dollars.
 "Over the past few years, we have given our operating companies an increased amount of independence and management discretion in their daily operations to meet aggressive financial and sales growth targets," Holman said. "These staff reductions are necessary to ensure that we are not duplicating, at the corporate level, management functions that are being carried out within our operating companies."
 Separation packages and outplacement service will be provided for those IMCERA corporate employees who will lose their jobs or elect not to move to St. Louis.
 IMCERA plans to lease office space in the St. Louis area and sell its present building in Northbrook, which had served as its headquarters site since 1978. The company has been headquartered in the Chicago area since 1942.
 Discussing the St. Louis move, Holman said, "St. Louis is a more appropriate headquarters city for us. The Mallinckrodt subsidiaries have a 125-year history in the St. Louis area. There are excellent education facilities, diverse cultural offerings and many other attributes that make the area attractive. Our Mallinckrodt operating companies have prospered in St. Louis. As the parent corporation, we look forward to becoming part of the community and its corporate leadership."
 Mallinckrodt, Inc. was founded in 1867 in St. Louis as a specialty chemicals and pharmaceutical manufacturer. It was purchased by Avon Products in 1982 and later acquired in February 1986 by IMCERA, then known as International Minerals & Chemical Corporation (IMC), a major fertilizer company. IMC sold its fertilizer business to the public in 1988, split Mallinckrodt, Inc. into the two Mallinckrodt operating companies and built a globally known animal health care company, Pitman- Moore.
 IMC changed its name to IMCERA Group Inc. in June 1990 in recognition of its successful transformation from fertilizer and commodity chemicals to global, technology-driven businesses in human and animal health care and specialty chemicals.
 "IMCERA remains committed to being an exceptional growth company focused on producing excellent customer value through its specialty medical, chemical and animal health businesses," Holman said.
 As previously reported, Holman reiterated that the company is "poised for sustained growth and excellent shareholder value and plans to achieve a compound growth in earnings per share from continuing operations of 15-20 percent and a compound sales growth of 10-12 percent from its current fiscal 1994 through fiscal 1998. IMCERA's strategic focus remains on our three businesses. We aim to enhance and perfect them with concentric, growth additions and technology licensing and market alliances."
 A Fortune 250 company with fiscal 1993 sales of about $1.8 billion, IMCERA provides human and animal health care products and specialty chemicals through its three international, technology-based businesses: Mallinckrodt Medical of St. Louis; Mallinckrodt Specialty Chemicals of Chesterfield, Mo.; and Pitman-Moore of Mundelein, Ill.
 -0- 8/19/93
 /CONTACT: Dave Prichard of IMCERA Group Inc., 708-205-2270/

CO: IMCERA Group Inc. ST: Illinois, Missouri IN: CHM SU:

MP -- NY075 -- 4481 08/19/93 16:30 EDT
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Publication:PR Newswire
Date:Aug 19, 1993

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