Abbott Announces Five-Year Agreement with Consorta
ABBOTT PARK, Ill., Oct. 5 /PRNewswire/ -- Abbott Laboratories (NYSE: ABT - news) today announced the signing of acontract with Consorta, Inc. for clinical chemistry and immunoassay laboratory testing kits and instruments. Abbott estimates sales to Consorta over the five-year agreement will exceed $250 million. The new agreement covers Abbott's clinical chemistry and immunoassay products including the Aeroset®, ARCHITECT® and AxSYM® diagnostic instrument systems. The five-year agreement begins November 1, 2000.
``We are excited about this contract award because it covers multiple product areas,'' said Thomas J. Heller, vice president, national accounts, Abbott Laboratories. ``Consorta has taken the lead in contracting for both clinical chemistry and immunoassay. This agreement allows Consorta members to maximize Abbott's full product offering, in turn realizing improved productivity and cost savings.''
Consorta, based in Rolling Meadows, Ill., is a group purchasing organization that represents more than half of the Catholic hospitals in the United States. Founded in 1998, Consorta has a collective annual purchase volume exceeding $2.5 billion. The Consorta membership encompasses more than 300 acute care facilities, representing nearly 50,000 beds, and 700 alternate care sites.
``Abbott has established a reputation as a leader in immunology and has a strong presence with our participants,'' said Darrel Weatherford, vice president of contracting for Consorta. ``This new agreement brings high quality, cost-effective product options and it is an important component of the Consorta portfolio for laboratory products.''
Abbott Laboratories is a global, diversified health care company devoted to the discovery, development, manufacture and marketing of pharmaceutical, diagnostic, nutritional and hospital products. The company employs 57,000 people and markets its products in more than 130 countries. In 1999, the company's sales and net earnings were $13.2 billion and $2.4 billion, respectively, with diluted earnings per share of $1.57.
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