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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
August 29, 1996
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
A press release was issued August 29, 1996. The relevant portion of the text of
that release was as follows:
MALLINCKRODT REALIGNING BUSINESS PORTFOLIO TO FOCUS STRONGLY ON HUMAN
HEALTHCARE, SPECIALTY CHEMICALS
Is seeking buyer for Tastemaker interest, exploring options for animal health
business
ST. LOUIS, Mo., August 29, 1996 -- In a decision designed to enhance its ability
to achieve exceptional growth, Mallinckrodt Group Inc. (NYSE:MKG) announced
today plans to intensify its focus on its core businesses in human healthcare
and specialty chemicals. Accordingly, in cooperation with its joint venture
partner, Hercules, Inc., the company will be seeking a buyer for the Tastemaker
flavors business and will be exploring all strategic options for its animal
health division, Mallinckrodt Veterinary.
Resources generated as a result of these actions will be reinvested in new
and ongoing growth opportunities, especially in human healthcare. Growth
initiatives in specialty chemicals and possible additional share repurchases of
the company's stock will also be considered. Investment bankers have been
retained to facilitate the company's global efforts to strategically realign its
business portfolio.
Cincinnati-based Tastemaker, a 50-50 joint venture with Hercules, has
enjoyed tremendous growth and profitability since being established in early
1992 by combining the flavors operations of the two companies. It is now the
world's fifth-largest flavors manufacturer. Mallinckrodt Veterinary, based in
Mundelein, Ill., has achieved profitability through cost reduction and
productivity during the past three years. It has enhanced its business
portfolio through the divestiture of a commodity feed ingredients business and
built a bright future in animal biologicals through investments in technology
acquisitions, research expertise and new manufacturing facilities.
"We believe that now is an ideal time for Mallinckrodt to realize the value
created in both of these businesses," said C. Ray Holman, chairman and chief
executive officer of Mallinckrodt. "Both are well-positioned for growth in
their respective industries."
Holman indicated that both businesses have made great strides in recent
years but could benefit from alignment with other companies whose core
businesses more closely match their own. He emphasized that employees in both
companies have performed well in strengthening their businesses and deserve to
be in situations that can help realize the full potential of their businesses.
Mallinckrodt Group is a dynamic, international growth company serving
specialty markets in human healthcare and chemicals and is dedicated to
improving healthcare and chemistry. Mallinckrodt is a major producer of
analgesic pharmaceuticals, diagnostic imaging agents, medical devices,
catalysts, and laboratory and microelectronic chemicals. The St. Louis-based
company, with fiscal 1996 net sales of $2.2 billion, sells more than 2,000
products in more than 100 countries. Mallinckrodt employs about 10,400 people
worldwide.
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MALLINCKRODT GROUP INC.
ROGER A. KELLER
Vice President, Secretary
and General Counsel
DATE: August 30, 1996
