Abbott to Spin Off Hospital Products Unit
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Abbott Laboratories said it planned to spin off much of its hospital products business, creating a company with estimated worldwide sales of $2.5 billion.
The move will allow Abbott to concentrate on higher-growth segments of its medical products business, Chief Executive Miles D. White said.
The spinoff will be in the form of a tax-free distribution to Abbott shareholders of a new publicly traded stock for the new company, which has not been named. The value of the shares has not been determined, White said.
Abbott shares rose 38 cents to $38.98 on the New York Stock Exchange.
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