SANDOZ ESTABLISHES SPONSORED ADR PROGRAM
SANDOZ ESTABLISHES SPONSORED ADR PROGRAM NEW YORK, Nov. 7 /PRNewswire/ -- Sandoz Ltd. of Basle, Switzerland
announced today that, as a further step in broadening its international shareholder base, it has established a Sponsored American Depositary Receipt (ADR) program. The ratio of Sandoz ADRs to registered shares is 50:1. Sandoz ADRs will begin trading today in the Over-the-Counter market under the symbol SDOZY. Morgan Guaranty Trust Company of New York will serve as the depositary for the ADR program.
According to Dr. Victor Bischoff, chief financial officer of Sandoz Ltd., the company has successfully implemented a strategy that combines increased emphasis on Research & Development, and a flexible decentralized organization to facilitate Sandoz's entrepreneurial and innovative growth. "As changing economic and regulatory environments throughout the world continue to mandate strategic flexibility, Sandoz is prepared to meet these challenges with innovative products, financial strength, global presence, and sound management. We hope that the sponsored ADR program will facilitate the involvement of investors in the Untied States," Bischoff said. Sandoz Ltd. is the holding company for six operating divisions and over 200 subsidiaries and affiliates in more than 50 countries. Sandoz had consolidated sales in 1990 of Sfr. 12.4 billion (approximately US$8.9 billion) with net profit of Sfr. 967 million (US$695 million) and as of Dec. 31, 1990 employed 52,640 people. It ranks 148 in the Fortune Global 500 list of companies. Sandoz Ltd. has a major worldwide presence through its six divisions: Pharmaceuticals (46 percent of consolidated sales), Chemicals (18 percent), Agrochemicals (9 percent), Seeds (8 percent), Nutrition (11 percent) and Construction and Environment (8 percent). The Pharmaceutical Division -- the core business of Sandoz -- ranks among the 10 leading companies of the industry and is the world leader in immunology. Sandoz Corporation, the U.S. affiliate of Sandoz Ltd., is among the 300 largest corporations in the United States with consolidated sales of US$2.5 billion in 1990 and over 11,000 employees. -0- 11/7/91 /CONTACT: Craig Burrell, M.D., 201-503-8230, or (investors) James M. Simpson, 212-830-2444, both for Sandoz/ CO: SANDOZ Ltd. ST: New Jersey IN: MTC SU: TS-SM -- NY020 -- 2102 11/07/91 10:03 EST
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|Date:||Nov 7, 1991|
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