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
January 22, 1998
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.)
675 McDonnell Boulevard, St. Louis, MO 63134
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, (314) 654-2000
including area code
<PAGE>
Item 5. Other Events
A press release was issued January 22, 1998. The relevant portion of
the text of that release was as follows.
(*) Indicates registered trademark
MALLINCKRODT EXPLORING ADDITIONAL PORTFOLIO REALIGNMENTS
ST. LOUIS, Mo., January 22, 1998 - Mallinckrodt Inc. (NYSE:MKG) is
preparing to take the next step to strategically reposition the
company with a single focus on its healthcare business, C. Ray
Holman, chairman and chief executive officer, said today.
"We are starting to explore the divestiture of our industrial
specialty chemicals business," Holman said. "It is logical to do
this now because our integration of Nellcor Puritan Bennett, which we
acquired last summer, is progressing well and most of the actions
will be completed by the end of the fiscal year (June 30, 1998)."
Mallinckrodt's industrial specialty chemicals group includes
catalysts, laboratory and microelectronic chemicals, and additives
for paints and plastic coatings. In addition to these units, the
company also is actively pursuing divestiture of a Nellcor Puritan
Bennett business that manufactures oxygen equipment, passenger
service units and video systems for the aerospace industry.
"In addition to a sharper strategic focus, the divestiture of
our non-medical related businesses will allow us to more rapidly
restore a conservative financial structure, improve the company's
leverage and provide resources needed for future growth," Holman
stated.
"Industrial specialty chemicals are viable, profitable
businesses and we are eager to see them with owners where the central
focus is chemicals and the value can be more significantly enhanced,"
Holman said. "Our goal is to complete the divestitures as soon as we
are able to achieve our objectives of realizing the full value for
the businesses and finding suitable buyers."
Fiscal 1997 sales for Mallinckrodt's industrial specialty
chemicals business totaled $335 million. There are approximately
1,400 employees worldwide in the industrial specialty chemicals
group. Most of them are concentrated in the United States in
Phillipsburg, New Jersey; Paris, Kentucky; Allentown and Erie,
Pennsylvania; and the Houston, Texas area.
In August 1997, Mallinckrodt acquired Nellcor Puritan Bennett, a
world leader in providing products that monitor, diagnose and treat
the respiratory-impaired patient in every setting from the hospital
to the home. This followed the company's divestiture of its flavors
joint venture, Tastemaker, in March and its animal health division in
June. More recently, Mallinckrodt sold two industrial specialty
chemical units, the Hydense(*) metallic stearate business and the
additive preblend business.
Going forward, Mallinckrodt's healthcare business includes three
major divisions: RESPIRATORY CARE, which includes Nellcor Puritan
Bennett's oxygen sensors, monitors and ventilators, and sleep
diagnosis and therapy monitors and systems and the Mallinckrodt
Critical Care Division's anesthesia systems and airway management
products, tracheostomy tubes, temperature systems and blood chemistry
analysis products; MEDICAL IMAGING, which includes x-ray, ultrasound
and magnetic resonance imaging contrast media, diagnostic and
therapeutic radiopharmaceuticals, and interventional devices; and
PHARMACEUTICAL SPECIALTIES, which include analgesics, medicinal
narcotics, addiction therapy products and peptides.
Based in St. Louis, Missouri and operating in more than 100
countries globally, Mallinckrodt Inc. had fiscal 1997 net adjusted
sales of $1.9 billion. The Mallinckrodt web site address is
(www.mallinckrodt.com).
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Mallinckrodt Inc.
ROGER A. KELLER
Vice President, Secretary
and General Counsel
DATE: January 22, 1998
