Sulzer Medica
This article was originally published in The Gray Sheet
Executive Summary
Spin-off of medical device unit from parent Sulzer Ltd. is slated for July 10 following shareholder meeting on July 9. Following spin-off, the parent will retain a 4% stake in firm. Sulzer management first announced its spinout plan March 9 on the heels of a hostile takeover bid from investor group InCentive Capital. The bid has since failed (1"The Gray Sheet" March 12, 2001, p. 27). Firm also announces appointment of Stephen Rietiker as CEO of the Medica unit, effective August 1. Rietiker, formerly VP and general manager of Covance, replaces current CEO Andre Buchel, who will retire
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Rietiker Tightens Belt At Sulzer Medica By Cutting Staff, Consolidating
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Rietiker Tightens Belt At Sulzer Medica By Cutting Staff, Consolidating
Sulzer IntraTherapeutics, a unit within Sulzer Medica's Cardiovascular Division, will cut 21% of its staff as part of a company-wide effort to cut costs and improve operating efficiency, the company announced Oct 23.
Sulzer Medica
Orthopedic and cardiovascular firm's spin-off from parent Sulzer AG completed July 10 following shareholder approval July 9, despite uncertainties over uninsured costs of the recall of its Inter-Op hip shells and related lawsuits (1"The Gray Sheet" June 4, 2001, In Brief)