1994: "Substantial Re-Orientation" At Corange

Corange, the diversified internatio-nal health care group that includes Boehringer Mannheim and DePuy, has had a year of substantial changes. One of the significant elements of the changes has been the return of Curt Engelhorn as chairman and the departure of Max Link from the post of chief executive (Marketletters passim).

Also, the board has been reshaped from a broadly-based board and executive committee, composed of 13 people in total, to a new board consisting of five people. The company is focusing on a targeted management approach focusing on its two key units, Boehringer Mannheim and DePuy, under the leadership of Gerald Moeller and James Lent respectively. It is anticipated that these changes will return the companies to their specific core competencies, while focusing on their customers and with minimal organizational disruption, according to Corange's 1994 annual report.

In 1994, Corange achieved net sales of $3.5 billion, up 7.6%. Net income amounted to $215.6 million, more than doubling from the amount achieved a year earlier. The group spent $459.3 million on R&D during the year, more or less the same level as in the previous year, and representing 13% of turnover. It aims to maintain the absolute level of expense while reducing the percentage of turnover it represents.