Boston Scientific Completes Sale of Cardiac Surgery and Vascular Surgery Businesses
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Boston Scientific Corp.
One Boston Scientific Place
Natick, MA, 01760
Press release date: January 7, 2008
NATICK, Mass., Jan. 7 -- Boston Scientific Corporation (NYSE:BSX) today announced that it has completed the sale of its Cardiac Surgery and Vascular Surgery businesses to the Getinge Group of Sweden for $750 million in cash. The sale follows the definitive agreement announced on November 5, 2007.
The Company expects to record after-tax charges of approximately $240 million in connection with the transaction. These charges will be recorded during the fourth quarter of 2007 and the first quarter of 2008.
"We have now sold three of our five previously identified non-strategic businesses, and we expect to close on the remaining two -- Fluid Management and Venous Access -- this quarter," said Jim Tobin, President and Chief Executive Officer of Boston Scientific. "These divestitures -- along with our ongoing efforts to reduce expenses and simplify our operating model -- should help us achieve our overall goals of restoring profitable growth, increasing shareholder value and strengthening Boston Scientific for the future."
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: www.bostonscientific.com.
CONTACT: Paul Donovan 508-650-8541 (office) 508-667-5165 (mobile) Media Relations Boston Scientific Corporation
Dan Brennan 508-650-8538 (office) 617-459-2703 (mobile) Investor Relations Boston Scientific Corporation
Source: Boston Scientific Corporation
Web site: http://www.bostonscientific.com/