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: June 17, 1998
Date of earliest event reported: June 15, 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<PAGE>
Item 5. Other Events
On June 15, 1998 Pfizer Inc. agreed to sell Schneider
Worldwide, a part of the Pfizer Medical Technology Group, to
Boston Scientific Corporation for $2.1 billion in cash. 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 June 16, 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: June 17, 1998
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
99 Press Release announcing the sale of
Schneider Worldwide to Boston Scientific
Corporation, dated June 16, 1998.
EXHIBIT 99
For immediate release Contact:
June 16, 1998 Bob Fauteux --
212 573-3079
PFIZER AGREES TO SELL SCHNEIDER WORLDWIDE
TO BOSTON SCIENTIFIC CORPORATION
NEW YORK, June 16 -- Pfizer Inc has agreed to sell
Schneider Worldwide -- a part of the Pfizer Medical
Technology Group -- to Boston Scientific Corporation
(BSX) for $2.1 billion in cash, the companies announced
today. Based in Bulach -- near Zurich, Switzerland --
and with facilities in the United States and Ireland,
Schneider manufactures and sells stents for a variety of
applications, angioplasty devices and accessories. In
1997, Schneider reported sales of approximately $330
million.
As announced in February 1998, Pfizer is exploring strategic
options for the company's Medical Technology Group (MTG). The
company said then that the options under consideration included
the divestiture of all or part of the businesses.
"The decision to divest Schneider has been reached," said William
C. Steere, Jr., chairman and chief executive officer of Pfizer
Inc. "We believe this transaction well serves the interests of
Schneider, Pfizer and our shareholders."
"Since joining Pfizer in 1984, Schneider's employees have made
extraordinary contributions to our company," said David L.
Shedlarz, senior vice president and chief financial officer of
Pfizer Inc. "We thank them and wish them well
as they prepare to join Boston Scientific."
Mr. Shedlarz added that Pfizer is continuing to explore strategic
options for its two remaining Medical Technology Group units --
Howmedica and American Medical Systems. He said no decision has
yet been made about these businesses.
The Schneider transaction is subject to the usual regulatory
approvals and is expected to close later this year, Pfizer
said.
In addition to its global headquarters in Bulach, Schneider
maintains facilities in Plymouth, Minnesota; Glens Falls, New
York; Aguadilla, Puerto Rico; Miami, Florida; and Tullamore,
Ireland.
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 more
than $2 billion on research and development this year.
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