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
December 17, 1999
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 December 17, 1999. The relevant portion of
the text of that release was as follows:
EQT Acquires HemoCue from Mallinckrodt Inc.
ST. LOUIS, MO, December 17, 1999 - EQT Scandinavia B.V. (EQT),
investment manager for EQT Scandinavia II, through a newly established
holding company, reached an agreement to acquire 100 percent of
HemoCue, a leading point-of-care blood testing equipment company, from
USA-based Mallinckrodt Inc (NYSE:MKG). Terms of the acquisition,
which was completed today, were not disclosed.
HemoCue, based in Angelholm, Sweden, is developing, producing and
marketing easy-to-use lab-quality diagnostics systems for the
decentralized healthcare sector. The Company, with sales of USD 47
million (1999), is technology driven and employs approximately 200
persons in Europe and North America. HemoCue focuses on point-of-care
in vitro blood testing with simple and proprietary products.
Currently, the Company services two segments of the blood testing
market - Hemoglobin and Glucose. HemoCue's key customers are
physician office laboratories, hospital wards, blood banks and
diabetes clinics. HemoCue operates primarily in Europe and North
America.
Mr. Claes Dahlback, Chairman of EQT, stated, "We believe HemoCue
is a well-managed business with exciting growth prospects. The
Company has an impressive track record, leading proprietary systems
and a reputation for product quality and accuracy. HemoCue has
considerable development potential and we envisage investing
considerably in R&D and geographic expansion to build and further
develop the market position and strengthen HemoCue as a global leader
in the growing point-of-care testing market."
Mr. Anders Williamsson, Managing Director of HemoCue AB, stated,
"We are confident that EQT's ownership will strengthen HemoCue's
position and opportunities as an independent and focused point-of-care
blood testing equipment company. We are committed to working with EQT
in growing and developing the Company both geographically as well as
in broadening our product offering."
Michael A. Rocca, Mallinckrodt's Chief Financial Officer,
explained that while HemoCue is a solid business with future
development potential, it no longer is strategically core to
Mallinckrodt's healthcare products platform. "We believe EQT is
better positioned to make investments in HemoCue for the future."
Rocca added that the sale of HemoCue will likely result in a net one-
time, yet undetermined gain for the current quarter and that
Mallinckrodt remains on track to deliver current earnings expectations
for the fiscal second quarter and full year.
Mallinckrodt Inc., based in St. Louis, Missouri, USA, is a global
manufacturer and marketer of healthcare products designed to sustain
breathing, diagnose disease and relieve pain. The company has three
product groups Respiratory, Imaging and Pharmaceuticals; operates in
over 100 countries and had fiscal 1999 net sales of $2.6 billion.
EQT is a group of private equity funds with equity commitments
totaling SEK 11 billion. Since its inception in 1994, EQT has
successfully concluded investments in 20 companies. EQT Partners AB,
acting as investment advisor to all EQT funds, has offices in
Stockholm, Copenhagen, Helsinki and Munich. EQT realizes its business
concept by acquiring high quality, mid-size companies in Northern
Europe and serving as an active owner in close cooperation with the
management of the companies it acquires.
# # #
Mallinckrodt Inc.
/s/ ROGER A. KELLER
- -------------------
Roger A. Keller
Vice President, Secretary
and General Counsel
DATE: December 17, 1999
