Abbott came to Ireland in 1946 with its commercial operation. In 1974 Abbott Ireland established two manufacturing facility and since then have added a further four manufacturing facilities employing approximately 3,400 staff, resulting in Abbott Ireland being one of the largest overseas activities of Abbott Laboratories. Five of Abbott's Manufacturing Divisions are represented across eight sites in Ireland – Diabetes Care in Donegal Town, Diagnostics in Sligo and Longford; Nutritional in Cootehill, Co. Cavan and Ballytivnan, Sligo; Pharmaceuticals in Sligo; Vascular Devices in Galway and Clonmel - as well our Sales and Marketing Division in Dublin.

General Electric Company (GE) and Abbott, a leader in medical diagnostic instruments and tests, announced on Thursday that they have entered into a definitive agreement for GE to acquire Abbott’s primary in vitro diagnostics businesses and Abbott Point-of-Care diagnostics business (formerly known as i-STAT) for $8.13 billion in cash.

Abbott’s Molecular Diagnostics and Diabetes Care businesses are not part of the transaction and will remain part of Abbott.

The addition of two of Abbott’s core laboratory diagnostics businesses will broaden GE Healthcare’s diagnostic offerings. Abbott’s in vitro diagnostic (in vitro diagnostics test blood or urine samples to diagnose disease or other conditions) complement GE’s existing positions in in vivo diagnostic imaging systems (in vivo imaging uses X-ray, magnetic resonance, ultrasound or other imaging procedures to look at what is in the body to diagnose disease), as well as its molecular imaging, information technology, and patient monitoring capabilities across the complete healthcare continuum.

The Abbott unit had sales of roughly $2.5 billion last year.

GE Chairman and CEO Jeffrey R. Immelt, said, “This acquisition is consistent with GE’s strategy to invest in high-technology global infrastructure businesses that deliver strong top-line growth, earnings expansion and expanded margins. Abbott’s diagnostics business is the premier platform in this industry and fits very well with our Healthcare strategy. Abbott’s global position in the growing diagnostics field is aligned with our objective to deliver a comprehensive array of diagnostic products to customers around the world.”

Abbott’s in vitro diagnostics business is a global leader with a strong tradition of developing first-of-a-kind products that have helped create the modern diagnostics industry. Abbott is a world leader in immunoassays and blood screening. Abbott’s broad range of medical tests and diagnostic instrument systems are used worldwide by hospitals, laboratories, blood banks, and physician offices to diagnose and monitor diseases such as HIV, hepatitis, cancer, heart failure and metabolic disorders, as well as assess other important indicators of general health.

Abbott Point-of-Care manufactures diagnostic products for blood analysis to provide health care professionals critical diagnostics information accurately and immediately at the point of patient care. In addition to its excellent offerings in the blood gas and chemistries segment, Abbott also provides point-of-care cardiac assays to the emergency room.

Abbott’s in vitro diagnostics business, including Point-of-Care, is expected to generate net sales of approximately$2.7 billion in 2006.

Miles D. White, Abbott’s Chairman of the Board and Chief Executive Officer, said, “The laboratory diagnostics market has changed considerably in the last decade. Innovation in this segment will be increasingly driven by automation, system integration and a host of skills that GE can offer. As part of GE, Abbott’s core diagnostics and point-of-care businesses will be powerfully positioned to sustain and extend their market success.”