by
Barbara Kram, Editor | December 06, 2006
“Physio-Control has unparalleled expertise in the external defibrillation and emergency response systems markets. With our unique history, approximately $450 million in annual sales, a global presence, and more defibrillators in operation than any other company, Physio-Control is well positioned to remain the world’s preeminent supplier of life-saving external defibrillators and related emergency response products and services. Our team of dedicated and experienced professionals welcomes the opportunity to create this new company,” said Webster.
The spin-off is intended to take the form of a tax-free distribution to Medtronic shareholders of all the shares of Physio-Control, which will then trade as a new public company in the United States. The intended transfer of employees and assets to Physio-Control will be structured globally according to all applicable logistical, tax and legal requirements. Medtronic plans to structure the transaction to meet all of the requirements for a tax-free distribution and list Physio-Control’s shares on the New York Stock Exchange. The expected stock distribution ratio, including the record date for determining shareholders of record entitled to receive the distribution dividend, will be determined at a later date. Medtronic has retained Goldman Sachs to advise it on the transaction, which is expected to be completed in the first half of Medtronic’s fiscal year 2008.
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Webcast Information
Medtronic will host a webcast today, December 4 at 2:00 pm EST (1:00 p.m. CST), to provide information regarding the Company’s decision to spin-off the Physio-Control business for the public, analysts and news media. This webcast can be accessed by clicking on the Investor Relations link on the Medtronic home page at www.medtronic.com. Within 24 hours, a replay of the webcast and a transcript of the company’s prepared remarks will be available in the “Presentations & Transcripts” section of the Investor Relations homepage.
About Medtronic
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology – alleviating pain, restoring health, and extending life for millions of people around the world.
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