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Executive Summary

BAXTER SELLING CARDIOPULMONARY PRODUCT LINE TO 3M for an undisclosed amount of cash, according to an Aug. 8 press release announcing the signing of a letter of understanding between the two companies. The transaction, which is expected to be completed by Sept. 27, is "part of Baxter Travenol's plan to facilitate Department of Justice approval for its proposed merger with American Hospital Supply," the release noted. The cardiopulmonary product line appears to be a good fit for 3M. The line -- manufactured by Baxter's Omnis Surgical subsidiary -- includes oxygenators, oxygenation custom packs, heat exchangers, cardioplegia sets and other disposable products used in conjunction with heah-lung equipment in cardiovascular surgery. 3M, through its Sarns subsidiary, is a worldwide supplier of heart-lung equipment and devices for use during open-heart surgery. "3M's interest in this acquisition is to move closer to providing a complete support system for the heart surgery patient," 3M's Health Care Products and Services Group Vice President William Coyne, PhD, explained. "We expect that Omnis' superior technology in oxygenators and other areas will be enhanced by Sarns' special strengths in precision manufacturing and technical service support." In late 1982, Baxter nearly sold the cardiopulmonary line to California businessman W. Norris Agee. That transaction, however, was never completed. Omnis products not involved in the 3M deal are Discase (chymopapain) injection, surgicaI trays and specialty needles.

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