Baxter International Inc.
BAX,
said Friday it plans to embark on a tax-free spin off to shareholders of its Renal Care and Acute Therapies unit into a public company within the next 12-18 months, as part of a strategic realignment of the hospital products specialist. The other major moves include “simplifying’ its operating model and manufacturing footprint and exploring the sale or other actions for its biopharma solutions unit “to further enhance focus and improve capital structure.” Shares of Baxter rose 1% in premarket trades.
