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
Date of report: August 18, 1998
Date of earliest event reported: August 13, 1998
PFIZER INC.
(Exact name of registrant as specified in its charter)
Delaware 1-3619 13-5315170
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation)
235 East 42nd Street
New York, New York 10017
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(212) 573-2323
Item 5. Other Events
On August 13, 1998 Pfizer Inc. agreed to sell Howmedica, a part of the
Pfizer Medical Technology Group, to Stryker Corporation for $1.9 billion.
Pfizer's press release is included as Exhibit 99 and is incorporated by
reference.
Item 7. Exhibits
Exhibit 99 - Press Release of Pfizer Inc.
dated August 14, 1998.
SIGNATURE
Under the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the authorized
undersigned.
PFIZER INC.
By: /s/ TERENCE J. GALLAGHER
.............................
Name: Terence J. Gallagher
Title: Vice President-
Corporate Governance
Dated: August 18, 1998
EXHIBIT INDEX
Exhibit No. Description
99 Press Release announcing the sale of
Howmedica to Stryker Corporation, dated August 14, 1998.
EXHIBIT 99
For immediate release Contact: Bob Fauteux -- 212-573-3079
August 14, 1998
PFIZER AGREES TO SELL HOWMEDICA TO STRYKER CORPORATION
NEW YORK, August 14 --- Pfizer Inc has agreed to sell the Howmedica business
of the Pfizer Medical Technology Group (MTG) to Stryker Corporation (SYK) for
$1.9 billion, the companies announced today. With global operations and based
in Rutherford, New Jersey, Howmedica manufactures and sells devices for
orthopedic reconstruction, for trauma repair and for skull and facial surgery.
In 1997, Howmedica reported sales of approximately $820 million.
Stryker Corporation, based in Kalamazoo, Michigan, is an international
manufacturer of orthopedic products, instruments for arthroscopy and general
surgery, and other medical products.
Following the sale of its Valleylab business in January 1998, Pfizer announced
in February that the company would begin to explore strategic options,
including divestiture of all or part of the MTG businesses in a public or
private transaction.
"Our decision to divest Howmedica gives this business and its employees new
opportunities for growth," said William C. Steere, Jr., chairman and chief
executive officer of Pfizer Inc. "We believe this transaction well serves the
interests of Howmedica, Pfizer and our shareholders."
"Howmedica is a respected leader in orthopedics, and its employees have made a
number of important contributions to Pfizer's success in serving that clinical
area over the past 26 years," said David L. Shedlarz, senior vice president
and chief financial officer of Pfizer Inc. "We wish the employees of
Howmedica well as they prepare to set their course for future growth in
strategic partnership with Stryker."
The Howmedica transaction is subject to the usual regulatory approvals and is
expected to close later this year.
Upon the closing of the sales of the Howmedica, American Medical Systems and
Schneider Worldwide businesses, all of which are expected to take place later
this year, Pfizer will have fully divested its Medical Technology Group.
Pfizer Inc is a research-based health care company with global operations.
The company reported revenues of about $12.5 billion for 1997, and expects to
spend about $2.3 billion on research and development this year.
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