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Invacare to Add Manufacturing in China: Commenting on Invacare's second quarter earnings, Malachi Mixon, the company's chairman and CEO, said the Elyria, Ohio-based company plans to establish manufacturing capacity in China in 2004. Mixon made the statement after explaining that the company is “attacking its costs in order to respond to the pricing pressures from Asian knock-offs of Invacare products.” For the second quarter ended June 30, 2003, Invacare reported a net income of $15.4 million, or 50 cents per share, compared to a net income of $16.1 million, or 52 cents per share, for the same quarter the previous fiscal year. Sales for the quarter were $300.1 million.
Abbott Announces Settlement and Acquisition: Abbott Park, Ill.-based Abbott Laboratories, parent company of enteral-feeding-product manufacturer Ross Products, has agreed to pay $400 million in a civil settlement, and $200 million in criminal fines, to resolve allegations surrounding Ross's participation in an industry-wide product-bundling practice. The settlement also resolved allegations that Ross violated the anti-kickback statute by offering inducements to companies that entered written contracts to purchase product intended for Medicare patients. In other Abbott news, the company announced Ross' acquisition of ZonePerfect Nutrition, a manufacturer of nutritious products for active people. Under the terms of the deal, Abbott will acquire all of ZonePerfect's equity for approximately $160 million in cash. More information about the settlement and the acquisition is available at www.ross.com.
