A $4.5 billion cost-management company to be spun off by Baxter International later this year will be called Allegiance Corp.Baxter Executive Vice President Lester Knight, who will lead the new company, said Allegiance was selected as the name because "it means dedication to a cause, and our cause is better healthcare."The new company, to be based in McGaw Park, Ill., will include consulting, distribution and some manufacturing. The spin-off is expected to take the form of a tax-free dividend of Allegiance shares to Baxter stockholders.Baxter will retain its high-growth medical technologies businesses (Dec. 4, 1995, p. 2).
BAXTER CREATES ALLEGIANCE CORP.
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