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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
October 17, 1995
Mallinckrodt Group Inc.
(Exact name of registrant as specified in its charter)
New York 1-483 36-1263901
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
7733 Forsyth Boulevard, St. Louis, MO 63105-1820
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, (314)854-5200
including area code
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Item 5. Other Events
The Company issued press releases on October 17, 1995 and
October 18, 1995. The relevant portion of the text of each release
was as follows:
MALLINCKRODT GROUP UNIT COMPLETES SALE OF FEED INGREDIENTS
BUSINESS
ST. LOUIS, Mo., October 17, 1995 -- Mallinckrodt Group, Inc.
(NYSE:MKG) announced today that its subsidiary, Mallinckrodt
Veterinary, Inc., has completed the sale of its animal feed
ingredients business to the IMC-Agrico joint venture of IMC Global
Inc. and Freeport-McMoRan Resource Partners, Limited Partnership.
The cash-for-stock transaction totals $110 million.
C. Ray Holman, chairman, president and chief executive
officer of Mallinckrodt Group, said, "While feed ingredients is a
good business with solid cash flow and profitability, its inherent
growth prospects are not in line with our ambitious growth targets.
Despite the shorter term impact of this divestiture, our long-term
sales growth and profitability will be enhanced by the addition
of businesses which better fit our strategic profile. We are
committed to our remaining animal health business and are looking
for opportunities that build on our core business and strategic
focus."
Paul D. Cottone, president and CEO of Mallinckrodt
Veterinary, said, "Sale of the feed ingredients business is a
logical step toward bringing our veterinary businesses in line with
our long-range goals.
"We are focusing on the development, production and
marketing of specialty branded products for food and companion
animals with an emphasis on biologicals, one of the fastest growing
segments of the animal health industry," Cottone added.
Mallinckrodt Veterinary's expansion into the biologicals
business has incorporated internal development of products,
licensing and business acquisitions and facility additions. Last
month, the company announced a tender offer to acquire Syntro
Corporation, a Kansas City- and San Diego-based biotechnology
company focused on development of innovative recombinant vaccines.
Purchase of the poultry and companion animal business of CBM
Laboratorias of Campinas, Brazil also was completed in September.
Sale of the feed ingredients business will be accounted
for as a discontinued operation with prior periods comparably
restated. Fiscal 1995 net sales for this business were $169
million. Total assets were approximately $79 million at September
30, 1995. Feed ingredients has operated as part of Mallinckrodt
Veterinary under a supply arrangement with IMC-Agrico.
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MALLINCKRODT GROUP'S BOARD INCREASES QUARTERLY DIVIDEND, ANNOUNCES
PLANS FOR INCREASED SHARE REPURCHASE
St. Louis, Mo., October 18, 1995 -- The board of directors of Mallinckrodt
Group Inc. (NYSE:MKG) today increased the quarterly dividend on the
company's common stock to 15.5 cents per share, payable December 29, 1995,
to shareholders of record at the close of business on December 15, 1995.
A regular $1.00 per share quarterly dividend on Mallinckrodt's
4 percent cumulative preferred stock, also payable on December 29, 1995, to
shareholders of record at the close of business on December 15, 1995 was
declared at the meeting.
The company reaffirmed its long standing share repurchase program
and indicated its intention to apply a portion of the proceeds from the
recent sale of Mallinckrodt Veterinary's feed ingredients business to
repurchasing common shares of the company's stock from time to time on
the open market as conditions warrant.
MALLINCKRODT GROUP INC.
ROGER A. KELLER
Vice President, Secretary
and General Counsel
DATE: October 19, 1995
