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 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.
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