Cardinal Health
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| Type | Public (NYSE: CAH) |
|---|---|
| Founded | 1971 |
| Headquarters | Dublin, Ohio, USA |
| Key people | R. Kerry Clark, Chairman and CEO |
| Industry | Drug Wholesale |
| Products | hospital, laboratory, physician office products; generic pharmaceuticals; logistics; Medical technology;infusion systems; clinical services |
| Revenue | ▲$97.3 billion USD (2009) |
| Operating income | ▲$1.4 billion USD (2007) |
| Employees | 40,000 (2007) |
| Website | cardinalhealth.com |
Cardinal Health, Inc., is a health care holding company.[1]
[edit] History
Founded in 1971 as Cardinal Foods by Robert D. Walter, it was initially a food wholesaler. Acquiring the Bailey Drug Company in 1979, it began wholesaling drugs as Cardinal Distribution, Incorporated. Following the introduction of the company on the NASDAQ stock exchange in 1983 it commenced on a long string of acquisitions and mergers. It is now traded on the NYSE under symbol (CAH [2]). As of 2009, it was ranked 18th on the Fortune 500 list with 2008 annual revenue of over $91 billion. [3] Cardinal employs more than 47,000 people on five continents.
In 1995, Medicine Shoppe International (St. Louis, est. 1970), the country’s largest franchise of retail pharmacies, was acquired. The merger represents the first non-distribution acquisition by Cardinal Health.[4]
In 1999, Cardinal acquired the Chicago-based medical products manufacturer and distributor, Allegiance Healthcare--formerly a division of Baxter Healthcare. Among its proprietary products, Allegiance made surgical drapes, gloves, and gowns; Allegiance also distributed customized arrangements of medical supplies (called "custom sterile packs" and "procedure-based delivery systems") as a means of offering end-user health care personnel a means of making their supply chain more efficient. [5]
In April, 2005, Jeffrey W. Henderson joined Cardinal Health as the Chief Financial Officer.R. Kerry Clark was appointed as President and CEO on 17 April 2006, with Robert D. Walter retaining the Chairmanship. On 28 June 2007, Cardinal Health announced the completion of the tender offer for VIASYS. On 29 September 2008 the company announced Kerry Clark would retire and George Barrett would take over as CEO. The company also announced plans to spin off the Clinical and Medical Products business as a separate publicly traded company with David Schlotterbeck as CEO.
As of March 2009, Cardinal Health announced its intention to spin off its existing clinical and medical products division to form a new publicly-traded company called CareFusion Corporation.[6] According to a Cardinal Health statement, David Schlotterbeck will be the chief executive officer of the new company once the spin off is completed.[7] CareFusion's anticipated annual revenue will be approximately $4 billion.
