Cardinal Health Announces New Name for Spinoff Company
16 Febrero 2009 - 7:00AM
PR Newswire (US)
DUBLIN, Ohio, Feb. 16 /PRNewswire-FirstCall/ -- Cardinal Health, a
global provider of products and services that improve the safety
and productivity of health care, has selected a name for the
medical technology company that will be formed through the proposed
spinoff of its Clinical and Medical Products businesses. The new
company will be named CareFusion(R), reflecting a diverse blend of
medical technologies the company will offer to improve the safety
and quality of care. From infusion and medication safety
technologies to respiratory equipment, automated medical supply
dispensing and infection prevention offerings, CareFusion(R) will
be the largest medical technology company with a singular focus on
patient safety. The new company expects to trade on the New York
Stock Exchange under the ticker symbol CFN. "CareFusion(R) is a
name that clearly communicates our ability to bring together
technologies that improve patient safety and streamline the care
process," said David Schlotterbeck, Cardinal Health vice chairman
and future chief executive officer of CareFusion(R). "Not only will
CareFusion(R) be an immediate market leader in medication safety
and infection prevention, we will put a substantial emphasis on
innovation and clinical differentiation to continue to serve this
growing segment of the global health care industry. Patient safety
has always been a moral obligation for hospitals, but with payors
creating additional financial incentives to reduce errors,
improving safety has become an economic mandate." The new company
will be headquartered in San Diego and is anticipated to generate
approximately $4 billion in annual revenue(1), by delivering
clinically differentiated products and services that improve the
productivity and safety of health care across the globe. With more
than 13,000 employees globally, CareFusion(R) will serve customers
in 120 countries with market-leading technologies, including
Alaris(R) IV pumps, Pyxis(R) automated dispensing systems,
MedMined(TM) electronic infection surveillance service, AVEA(R)
respiratory care products and ChloraPrep(R) skin preparation
products. The naming and brand development process began in August
2008 after the spinoff decision was reached, and the executive team
established a unique vision, mission, set of strategies and
internal beliefs that will be the foundation for the new company.
Cardinal Health has owned the CareFusion(R) trademark since 2006
when the company acquired Care Fusion, Inc., a maker of hand-held
barcode technology that provides positive patient identification
for medication administration, lab specimen collection, blood
transfusions and more. Existing trademark ownership will accelerate
the company's ability to quickly transition to the new brand after
the spinoff is complete, which is currently anticipated to be in
the middle of the calendar year. Products currently carrying the
CareFusion(R) brand will be transitioned to the Pyxis(R) brand,
which is the recognized industry leader in safe and secure
medication dispensing. About Cardinal Health Headquartered in
Dublin, Ohio, Cardinal Health, Inc. (NYSE:CAH) is a $91 billion,
global company serving the health care industry with products and
services that help hospitals, physician offices and pharmacies
reduce costs, improve safety, productivity and profitability, and
deliver better care to patients. With a focus on making supply
chains more efficient, reducing hospital-acquired infections and
breaking the cycle of harmful medication errors, Cardinal Health
develops market-leading technologies, including Alaris(R) IV pumps,
Pyxis(R) automated dispensing systems, MedMined(TM) electronic
infection surveillance service, VIASYS(R) respiratory care products
and the CareFusion(TM) patient identification system. The company
also manufactures medical and surgical products and is one of the
largest distributors of pharmaceuticals and medical supplies
worldwide. Ranked No. 19 on the Fortune 500, Cardinal Health
employs more than 40,000 people on five continents. More
information about the company may be found at
http://www.cardinalhealth.com/. (1) The estimate of the pro forma
revenue for the clinical and medical products company that is
expected to be spun off is an estimate of the revenue for the
spinoff company for the twelve months ending June 30, 2009 in
accordance with generally accepted accounting principles and
includes adjustments expected to reflect the spinoff company as a
stand-alone entity. This estimate is based on Cardinal Health's
previously announced revenue expectations for fiscal 2009 and on
assumptions that management currently believes are reasonable, but
actual revenue for the spinoff company may vary materially from
this estimate. Cautions Concerning Forward-Looking Statements This
news release contains forward-looking statements addressing the
planned spinoff of Cardinal Health's clinical and medical products
businesses as a separate company and the expected financial results
of the new company after giving effect to the spinoff that are
dependent upon future events or developments. These matters are
subject to risks and uncertainties that could cause actual results
to differ materially from those projected, anticipated or implied.
These risks and uncertainties include uncertainties regarding the
planned spinoff of the clinical and medical products businesses as
a new stand-alone entity, including the timing and terms of any
such spinoff and whether such spinoff will be completed, and
uncertainties regarding the impact on the new clinical and medical
products company and the market for its securities if the spinoff
is accomplished. In addition, Cardinal Health and the proposed new
clinical and medical products company are subject to additional
risks and uncertainties described in Cardinal Health's Form 10-K,
Form 10-Q and Form 8-K reports (including all amendments to those
reports) and exhibits to those reports. Except to the extent
required by applicable law, Cardinal Health undertakes no
obligation to update or revise any forward- looking statement.
DATASOURCE: Cardinal Health CONTACT: Media: Troy Kirkpatrick,
+1-614-757-6225, , or for Investors: Sally Curley, +1-614-757-7115,
, both of Cardinal Health Web site: http://www.cardinalhealth.com/
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