MORGAN HILL
– Morgan Hill’s largest private employer, Abbott Labs, spun off
from its parent company Monday to form Hospira, an independent
global hospital products company.
MORGAN HILL – Morgan Hill’s largest private employer, Abbott Labs, spun off from its parent company Monday to form Hospira, an independent global hospital products company.
“We’re babies, we’re starting a new company and yet we’re 70 years old,” Site Director Joe Bellah said as the nearly 680 employees of the new company gathered outside around the company flagpole Monday morning. “We do have the right people to make this company successful.”
Abbot Labs, headquartered in Lake Forest, Ill., has 14,000 employees, 14 manufacturing sites worldwide and an estimated $2.5 billion in annual sales.
The company name was created using “spira” to “reflect Hospira’s aspiration to be the world’s leading hospital products provider and highlighting the spirit and inspiration of the employees that guide the company.”
The Morgan Hill location produces medication management systems, drug delivery systems and cardiac monitoring equipment.
Christopher Begley, former president of Abbott’s Hospital Products Division, is the chief executive officer for the new company.
On Monday, as the company’s stock began trading on the New York Stock Exchange under the symbol “HSP,” Begley was on hand to ring the opening bell.
The stock opened at 28.50 and closed at 27.04.
“We’re in the driver’s seat,” he said during his pre-bell speech. “We’re going to put our total focus, concentrate on our strategic business plan.”
Who would have the honor of raising the new company flag – purple, with the new company’s logo – was kept a secret until the actual moment. Bellah announced that employee Joyce Takasugi was being recognized for her hard work.
“She has a long history with us here,” he said. “She is a symbol of a culture going forward. … Her actions speak louder than words. … She has inspired us all.”
Hospira, formerly Abbott Labs, is located at 755 Jarvis Drive in the Morgan Hill Ranch business park and has been in Morgan Hill for about nine years. The company is involved in the Morgan Hill community by contributing to schools and nonprofit groups in the area.
