Case: 1:16-cv-00651 Document #: 106-15 Filed: 05/08/18 Page 1 of 3 PageID #:3235
`Case: 1:16-cv—00651 Document #: 106-15 Filed: 05/08/18 Page 1 of 3 PageID #:3235
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`Case: 1:16-cv-00651 Document #: 106-15 Filed: 05/08/18 Page 2 of 3 PageID #:3236
`Case: 1:16-cv—00651 Document #: 106-15 Filed: 05/08/18 Page 2 of 3 PageID #:3236
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`Abbott Labs to spin off unit
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`I" THISARTIGLE
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`Byfitacey Higginbmham _ Austin Business Journal sun
`Jan 25. 2094. “flown on mined Jan a, sum. jetsam
`
`Abbott Laboratories Inc. is spinning off its hospital products division in a move
`that will create a new employer for about 1,200 Central Texans.
`Employees ofAbbott Labs' 7so,ooo-sqnare-toot manuiacturing plant in North
`Austin will become part ofthe new company, called Hospira Inc. During the first
`halfof mar, Hospira is scheduled to become a separate public company listed
`on the New York Stock Enchange, according to filings with the Us. Securities
`and Exchange Commission.
`However, thanks to its purchase of Austinsbased Spinal Concepts Inc. last
`summer, Abbott Labs IINYSB: ABT] willretain a presence at 5301 Riata Park
`Court in Austin. Spinal Concepts, a maker of spinal implants, will become part
`of Abbott’s medical pioaocts division. Spinal Concepts, now part of the hospital
`products division, employs about 100 people.
`Analysts say Abbott Labs is spinning ofl‘ its least profitable, slowest growing
`division. Hospira's annual sales will be $2.5 billion, with net income of $300
`million, according to Abbott.
`Abbott spokeswoman Shannon Gore says that following the Hospira spinotr, all
`the employees ofAbbott‘s manufacturing plant at 3500 Howard Lane will
`become part of Hospira. The Austin plant manufactures infusion therapy and
`irrigation solutions and containers. The plant also makes products for One 2
`One, Abbott's outsourcing business for injectable pharmaceuticals.
`As for the future ofthe plant's employees, Gore says: "We cannot currently
`predict how the business environment might afect future stafilng or facility
`needs.“
`
`Lake Forrest, ill-based Hospira also will operate plants in Ashland, Ohio,-
`Buifalo, N.Y.; McPherson, Kan; and Morgan Hill, Calif. The company will
`employ about 14,000 people worldwide.
`Alter the spinofi, holders of Abbott stock will receive shares of Hospira stock.
`The deal is similar to the spinofi of the Austinsbased Semiconductor Producm
`Sector of Motorola Inc. In December, the semiconductor unit filed with the SEC
`to go public in hopes ofraising $2 billion.
`Phil Nalbone, medical technology analyst for investment bank RBC Capital
`Markets, says the company's hospital products "have not been getting a lot of
`attention from Abbott because it is really trying to increase the technology base
`and more proprietary profitable products."
`"What [the spinofl] does is move under-performing assets outside ofAbbott,
`where they were not getting attention, and improves the growth opportunities,"
`he says.
`Although the Hospira spinofiwill decrease Abbott's revenue in the short term,
`Nalbone is confident the move will boost Abbott’s growth rate.
`"The new Hospira could be an intaesting little company because they do have
`several opportunities to improve its growth rate over time,“ Nalbone says. "Just
`by focusing on the overseas market, they could grow:
`According to a LP. Morgan Chase research report issued in January,
`international growth for Abbott as a whole shows promise, especially for the
`hospital products division, which posted 17 percent growth in the fourth quarter
`with $242 million in sales. That‘s $3 million more than had been expected,
`according to the report.
`
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`Case: 1:16-cv-00651 Document #: 106-15 Filed: 05/08/18 Page 3 of 3 PageID #:3237
`Case: 1:16-cv—00651 Document #: 106-15 Filed: 05/08/18 Page 3 of 3 PageID #:3237
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