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Abbott Laboratories to Create New Hospital Products Company
Aug 22, 2003
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Abbott Laboratories announced plans to create one of the largest manufacturers of hospital products in the U.S. by spinning off much of its core global hospital products business.

According to the company, the new, independent hospital products company will have approximately 14,000 employees worldwide, more than 5,000 customers, and a large portion of Abbott's core hospital products business, including the related international hospital business. The new company's business will include medication delivery systems, such as electronic drug-delivery systems, infusion therapy, and critical care products; generic pharmaceuticals, including acute-care injectables and other generic anesthetics; and other businesses, including intensive care pharmaceuticals such as Precedex® (dexmedetomidine HCl), Abbokinase® (urokinase), and Corlopam® (fenoldopam mesylate), as well as contract manufacturing. The new company, to be named later, will be headquartered in Lake Forest, IL, U.S., north of Chicago.

Christopher B. Begley, the current president of Abbott's U.S. hospital business, will become chief executive officer of the new company. Mr. Begley has spent the majority of his 30-year career in the hospital products business, is a 17-year veteran of Abbott, and has served in numerous management positions in Abbott's hospital and health systems businesses. David A. Jones, co-founder and chairman of Humana Inc. and a retired Abbott board member, will serve as the new company's chairman of the board.

Abbott said it will retain certain proprietary operating room pharmaceuticals, proprietary hospital pharmaceuticals, pain management products, and portions of the international hospital business, all of which will become part of its global pharmaceuticals business. The company will also retain Abbott Vascular Devices, including the Perclose, Biocompatibles, and JOMED assets, and the recently acquired Spinal Concepts, which will continue to be operated through Abbott's Medical Products Group.

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