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April 15, 1999

TERUMO Corporation Acquires Cardiovascular Business From 3M

Terumo Corporation (HQ: Tokyo, CEO:T. Wachi) is pleased to announce that it has made a definitive agreement with 3M (HQ: St. Paul, MN, Chairman/CEO L. D. DeSimone) to acquire 3M's CardioVascular Systems Business on April 2, 1999, for strengthening Terumo's Cardiovascular business globally. After the regulatory permissions, it will be a subsidiary of Terumo Medical Corporation (HQ: Somerset, NJ, a wholly owned subsidiary of Terumo Corporation, Japan).

Product features

  1. Outline of 3M CardioVascular Systems
    • Division Name : CardioVascular Systems (a division of 3M Health Care)
    • Address : Ann Arbor, Michigan
    • Business : Manufacture and Sale of Cardiopulmonary products
    • Number of Employees : approx. 500 world wide
    • Operations : Ann Arbor (Michigan), Tustin (California)
    • Operating Results : December 31, 1998
    • Global Sales in excess of $100 million
  2. Company to divest the division
    • Corporate Name : Minnesota Mining & Manufacturing Company
    • Representative : L. D. DeSimone (Chairman and Chief Executive Officer)
    • Address : St. Paul, Minnesota
  3. Purchase Price
    Not disclosed.
  4. Capital after Acquisition
    Not determined yet.
  5. Purpose of Acquisition and Future Perspective
    Since Terumo introduced the world's first hollow-fiber oxygenators in 1982, it has expanded the cardiovascular business all over the world.

    We've made a decision to acquire the business of 3M's CardioVascular Systems to strengthen the global presence in the market.

    Cardiopulmonary products are used in open-heart surgeries for substituting lung and heart function. They are composed of oxygenators, pumps, tubing packs and monitors, etc.

    Terumo shows strong global presence with its Cardiopulmonary products, oxygenators and tubing packs, while 3M CardioVascular Systems are strong in cannulas, monitors and roller-pumps. By combining two strong and complementary product lines, we will significantly enhance the competitiveness in the cardiovascular market place.

TERUMO CORPORATION

Date of Establishment September 17, 1921
Paid-in Capital 38,716,355,747 yen
President & CEO Takashi Wachi
Number of Employees 5,926
Main Business Manufacture and sales of medical products and equipment, including pharmaceuticals, Nutritional food supplement, blood bags, disposable medical devices, artificial organs, medical electronic, and digital thermometers.