Pfizer Sells Valleylab In $425 Million Deal
Pfizer has announced that it is to sell Valleylab - part of its medicaltechnology group - to United States Surgical Corp for $425 million. Valleylab, based in Boulder, Colorado, manufactures a line of electrosurgical and ultrasonic systems, and had 1996 sales of approximately $190 million. The transaction is subject to regulatory approval but is expected to be completed in the first quarter of 1998.
David Shedlarz, senior vice president and chief financial officer of Pfizer, said that the opportunity for Valleylab to develop as part of USSC made "sound strategic sense." He added that the agreement best serves the interests of Valleylab employees as well as Pfizer's shareholders.
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