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Executive Summary

Will relocate corporate headquarters from Northbrook, Ill. to St. Louis next spring, Mallinckrodt parent announces Aug. 19. The move and continuing decentralization efforts at IMCERA will result in a reduction in size of the 120-person corporate staff to about 50 persons, the company says. Relocation and staff reduction costs will not affect FY 1994 earnings since these costs were factored into the previously announced FY 1993 corporate restructuring charge. Annual savings from the move to St. Louis and the downsizing are "expected to be several million dollars." Mallinckrodt Medical and Mallinckrodt Speciality Chemicals are both based in the St. Louis area, employing 27% of IMCERA's 10,000 worldwide employees and accounting for the majority of IMCERA sales and earnings. The changes will not affect IMCERA's Pitman- Moore animal health and nutrition company.

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