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AHSC AND HAEMONETICS MANAGEMENT TEAM AGREE TO SALE

Executive Summary

AHSC AND HAEMONETICS MANAGEMENT TEAM AGREE TO SALE of the American Hospital division to a group headed by Haemonetics President John White. According to an Oct. 21 release that announced the signing of a definitive sale agreement, White "is leading a management buyout to acquire American's Haemonetics assets and foreign subsidiaries." Terms of the transaction were not disclosed. The American/Haemonetics deal follows by one week AHSC's sale of its McGaw subsidiary to Colgate's Kendall division. Colgate had apparently outbid a McGaw management group which had sought control of that company through a leveraged buyout. American acquired Haemonetics in 1983 in an exchange of stock. Headquartered in Braintree, Massachusetts, Haemonetics designs, manufactures, markets and services blood-processing systems and related disposables used to collect blood components for transfusion, remove blood components from patients and salvage blood during surgery. The sale of Haemonetics is part of the ongoing process to satisfy antitrust requirements related to the American/Baxter merger. The Justice Department has recommended that in addition to McGaw and Haemonetics, American sell off its surgeons/procedure gloves facility in Tucson, Arizona.
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