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SALE OF SHILEY PRODUCT LINES TO SORIN IS COMPLETED BY PFIZER

     SALE OF SHILEY PRODUCT LINES TO SORIN IS COMPLETED BY PFIZER
    NEW YORK, Feb. 28 /PRNewswire/ -- Pfizer Inc (NYSE: PFE) announced today the closing of the transaction announced last December to sell certain product lines of Shiley Incorporated and other assets to Sorin Biomedica S.p.A., an affiliate of SNIA BPD S.p.A., a company headquartered in Milan, Italy.  Shiley Incorporated is a diversified manufacturer of medical devices located in Irvine, Calif., with additional manufacturing locations in Mirandola, Italy, and Munich, Germany.  The purchase price was announced as $230 million in cash and Sorin agreed to assume about $20 million of specified financial obligations associated with such product lines.
    The Shiley product lines being sold include a broad line of cardiovascular devices used in open heart surgery, blood-handling devices, the Monostrut artificial heart valve and a line of tracheostomy tubes.
    Dr. Henry McKinnell, president and chief executive officer of Pfizer Hospital Products Group, said, "We are pleased that these product lines have been sold to a large, technology-oriented company with the resources in place to enable it to maintain these medically important products."
    McKinnell also said, "We do not anticipate the transaction to have a significant impact on the financial results of Pfizer."  He also noted that virtually all Shiley employees are being transferred to affiliates of Sorin.
    -0-            2/28/92
    /CONTACT:  A. A. Biesada, 212-573-2055, or Rick Honey, 212-573-2051, both of Pfizer/
    (PFE) CO:  Pfizer Inc; Shiley Incorporated; Sorin Biomedica S.p.A. ST:  New York IN:  MTC SU:  TNM SH -- NY067 -- 3887 02/28/92 16:40 EST
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Publication:PR Newswire
Date:Feb 28, 1992
Words:263
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