Accelerating our Transformation: Baxter to Acquire Hillrom

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thaterrormessage
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Accelerating our Transformation: Baxter to Acquire Hillrom

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I’m excited to share that Baxter has announced a definitive agreement to acquire medical technology leader Hillrom, subject to the approval of Hillrom shareholders and the satisfaction of customary closing conditions, including regulatory approvals.

This represents the start of a dynamic new phase of Baxter’s transformation journey.

Hillrom’s vast portfolio touches over 7 million patients each day. Their essential products and innovations in connected care help enable earlier diagnosis and treatment, optimize surgical efficiency, and accelerate patient recovery while simplifying clinical communication and shifting care closer to home. See the snapshot below for an overview of Hillrom’s diversified product lines.

With Hillrom’s 10,000 global employees and annual sales approaching $3 billion, this represents the largest acquisition in Baxter’s 90-year history. Yet, like everything we do at Baxter, its true significance begins with our Mission to Save and Sustain Lives.

The acquisition will create new opportunities to expand the reach of our existing product lines as well as bring vital Hillrom products to an even wider global community of patients and clinicians. It also represents a momentous advance in our One Baxter Force Multiplier Strategy, as it would expand our portfolio into key adjacencies and across the spectrum of care, from prevention through recovery. There will be opportunities to learn from new colleagues, strengthen our combined business, accelerate our digital capabilities and deliver enhanced value for all the stakeholders who rely on us.

There is much our two organizations have in common, starting with our relentless drive to make a difference for patients and our shared vision to transform care. Hillrom, like Baxter, has a reputation for quality, safety and pioneering advances spanning back generations. The Hillrom team is also fast-tracking its own digital transformation, with an estimated 30% of Hillrom’s projected 2021 revenue driven by connected care products.1

Importantly, we believe Hillrom is a strong cultural fit for Baxter, with values rooted in inclusion, ethics, compliance and making a difference in the communities we serve.

The acquisition is expected to close by early 2022. Until then, Baxter and Hillrom will continue operating as separate entities.

Watch for an invitation to an all-employee State of the Company meeting being held later today, where I’ll share more details and perspective. If you can’t attend live, be sure to watch the replay on BaxCentral. You can also learn more by reading today’s press release. We’ll provide additional information in the weeks ahead, as we move toward closing the acquisition and integrating our companies.

Thank you for your commitment, which is the ultimate power of our ongoing transformation.
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