Specialty Medical Products Company Will Receive Significant Financial
Incentives in Response to Growing Presence in Asia/Pacific Region
SINGAPORE, May 21 /PRNewswire/ -- Mallinckrodt Inc.'s (NYSE: MKG) regional
Asia/Pacific headquarters office in Singapore has been awarded Business
Headquarters (BHQ) status by the Singapore Economic Development Board (EDB).
The BHQ designation is awarded in recognition of a company's commitment to
regional business growth and offers significant development and expansion
incentives, including favorable treatment of corporate income tax in Singapore
for the next five years.
"We are delighted to achieve BHQ status," said C. Ray Holman, chairman and
CEO of Mallinckrodt Inc., a global specialty medical products company. "In
September of 1998, we consolidated our Pacific Rim headquarters functions to
Singapore to take advantage of its world-class infrastructure, rich labor pool
and favorable business environment. The continuing support we have received
from the Economic Development Board reaffirms our decision. By reducing the
costs required to do business in Singapore, the EDB is investing in the future
of the region and in the companies who are choosing to locate there. I
applaud their commitment."
"BHQ status marks another important step in Mallinckrodt's worldwide
business expansion," said Ashok Chawla, president of the company's global
business group. "We see great promise in the Pacific Rim, and we are well-
positioned to meet the growing healthcare needs of this dynamic area. Through
innovative business strategies and committed employees, we hope to establish
Mallinckrodt as one of the most dynamic and fastest growing healthcare
companies in the Asia/Pacific region. The support we have received from the
Singapore EDB will help us achieve that objective."
Mallinckrodt's regional headquarters in Singapore is comprised of 34
employees and is headed by Kin Chua, president - Asia Pacific. The staff
provides marketing, technical, financial and administrative support to more
than 470 employees throughout the Pacific Rim, including Australia, China,
Hong Kong, India, Korea, Japan and Taiwan. As part of its healthcare
commitment to the region, Mallinckrodt's Singapore office has established a
Clinical Education Center to enhance the technical skills of its providers,
distributors and employees.
Other development and expansion incentives available to Mallinckrodt
include the EDB's Training and Attachment Program to help businesses acquire
new capabilities not presently available in Singapore and New Technology
Grants from the Singapore government to provide new infrastructure for the
growth of future activities.
Mallinckrodt Inc. is a global manufacturer and marketer of specialty
medical products designed to sustain breathing, diagnose disease and relieve
pain. Named one of America's most admired medical products and equipment
companies by Fortune magazine, Mallinckrodt does business in more than 100
countries. In fiscal 1999, combined net sales were $2.6 billion for
Mallinckrodt's respiratory, imaging and pharmaceutical product lines. Based in
St. Louis, Missouri, Mallinckrodt's website address is http://www.mallinckrodt.com .
The company's Singapore offices are located at 83 Clemenceau Avenue #16-03 UE
Square, Singapore 239920.
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: Barbara Abbett, Media Contact, 314-654-5230, or email,
barbara.abbett@mkg.com, or Robert Martsching, Investor Contact,
314-654-3190, or email, Invest@mkg.com, or Kin Chua, Singapore
Contact, 65-739-8888, all of Mallinckrodt, Inc.
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