ST. LOUIS and CHICAGO, Feb. 15 /PRNewswire/ -- Mallinckrodt Inc.
(NYSE: MKG) and Heller Financial, Inc. (NYSE: HF) have signed an agreement for
Heller's Global Vendor Finance unit to administer a private-label equipment
lease financing program for Mallinckrodt. The "Mallinckrodt Financial
Solutions" program is being offered to healthcare equipment providers in the
United States and Canada who want to acquire Mallinckrodt's alternate care
respiratory products.
"Since the acquisition of Nellcor Puritan Bennett in 1997, Mallinckrodt's
product mix has grown to include capital equipment such as ventilators, oxygen
concentrators, liquid oxygen systems, oximetry products and sleep disorder
diagnostic and therapy products," said John Hesemann, president of
Mallinckrodt's Respiratory Group. "The need for customer financing options
continues to grow, and Mallinckrodt is committed to offering financial
solutions that meet customers' expectations. This includes offering global
solutions for healthcare, and Heller's worldwide capabilities were a key
factor in our selection of a partner."
Heller Global Vendor Finance structures, markets and services global and
domestic leasing programs for equipment manufacturers, distributors and
dealers, offering the expertise necessary to service both high-volume,
small-ticket transactions, and larger, more customized enterprise structures.
"Mallinckrodt Financial Solutions further illustrates Heller's leadership
position in vendor financing and our expansion into the rapidly growing
healthcare equipment sector," said James D. McGrane, group president, Heller
Global Vendor Finance. "The healthcare market provides great opportunity for
Heller, and we are very excited to be partnering with Mallinckrodt -- one of
the largest providers of respiratory equipment in the world -- to service the
needs of alternate care equipment providers. We are focused on providing
innovative and flexible financing options that provide Mallindkrodt's sales
team with the opportunity to offer a total solution -- equipment, services and
financing -- in one package."
Based in St. Louis, Missouri, Mallinckrodt Inc. is a global manufacturer
and marketer of specialty medical products designed to sustain breathing,
diagnose disease, and relieve pain. The company does business in more than
100 countries, operates Respiratory, Imaging and Pharmaceuticals product
groups and had fiscal 1999 net sales of $2.6 billion. The Mallinckrodt
website address is http://www.mallinckrodt.com .
Heller Financial, Inc., is a worldwide commercial finance company
providing a broad range of financing solutions to middle-market and small
business clients. With nearly $18 billion in total assets, Heller offers
equipment financing and leasing, sales finance programs, collateral and cash
flow financing, financing for healthcare companies and financing for
commercial real estate. The company also offers trade finance, factoring,
asset-based lending, leasing and vendor finance products and programs to
clients in Europe, Asia, Australia and Latin America. Heller's common stock
is listed as "HF" on the New York and Chicago Exchanges. Heller can be found
on the World Wide Web at http://www.hellerfinancial.com .
For additional information, contact Barbara Abbett of Mallinckrodt Inc.,
314-654-5230, or barbara.abbett@mkg.com, or Tricia Akins of Heller Financial,
248-680-4341, or triciaakins@hellerfin.com, or Investor, Barbara Gould of
Mallinckrodt, 314-654-3190, or Invest@mkg.com, or Dan Murphy of Heller
Financial, 312-441-7642, dmurphy@hellerfin.com.
SOURCE Mallinckrodt Inc.
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Related links:
http://www.mallinckrodt.com
Company News On-Call:
http://www.prnewswire.com/comp/440950.html or fax,
800-758-5804, ext. 440950
CONTACT:
Media, Barbara Abbett of Mallinckrodt Inc.,
314-654-5230, or barbara.abbett@mkg.com, or Tricia Akins of
Heller Financial, 248-680-4341, or triciaakins@hellerfin.com, or
Investor, Barbara Gould of Mallinckrodt, 314-654-3190, or
Invest@mkg.com, or Dan Murphy of Heller Financial, 312-441-7642,
dmurphy@hellerfin.com
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