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
July 1, 1997
Mallinckrodt 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 July 1, 1997. The relevant portion of the
text of that release was as follows:
MALLINCKRODT COMPLETES SALE OF VETERINARY BUSINESS,
PLANS TO INCREASE SHARE REPURCHASE BY $250 MILLION
ST. LOUIS, Mo., July 1, 1997 - Mallinckrodt Inc. (NYSE:MKG)
announced today it has completed the sale of its worldwide animal
health business to Schering-Plough Corporation and plans to increase
share repurchases by $250 million.
Ray Holman, Mallinckrodt chairman and chief executive officer,
said, "We are expanding our ongoing stock buyback to share proceeds
from the sale of Mallinckrodt Veterinary with our investors. We
presently are involved in the most aggressive share repurchase our
company has undertaken in many years." Earlier this year, the
company added $250 million to its repurchase program as a result of
the divestiture of the Tastemaker flavor joint venture; prior to
that, share repurchases were expanded by $100 million when the feed
ingredients business was sold in October 1995. The ongoing program
includes repurchases to offset normal option and other dilution.
The agreement to sell Mallinckrodt Veterinary to Schering-Plough
for $405 million in cash was first announced on May 19, 1997. This
followed a decision to divest the unit in August 1996.
In a separate letter to shareholders mailed today, Holman
reviewed the six elements of Mallinckrodt's shareholder value
enhancement plan: alignment of interests, strategic growth, cost
management, share repurchase, strategic acquisitions and shareholder
communications.
Schering-Plough is a research-based company engaged in the
discovery, development, manufacturing and marketing of pharmaceutical
and healthcare products worldwide.
Mallinckrodt Inc. serves healthcare and specialty chemicals
markets worldwide. A major producer of diagnostic imaging agents,
medical devices, pain relief pharmaceuticals, catalysts, and
laboratory and microelectronic chemicals, the company sells more than
1,000 products in more than 100 countries. The Mallinckrodt web site
address is (www.mallinckrodt.com).
This news release contains a forward-looking statement based on
current expectations; the expanded program for the repurchase of
additional shares is subject to market conditions and other strategic
options available to the company.
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Mallinckrodt Inc.
ROGER A. KELLER
Vice President, Secretary
and General Counsel
DATE: July 3, 1997
