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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
MARCH 5, 1998
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(Date of earliest event reported)
LABORATORY CORPORATION OF AMERICA HOLDINGS
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(Exact name of registrant as specified in its charter)
DELAWARE 1-11353 13-3757370
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(State or other (Commission (IRS Employer
jurisdiction or File Number) Identification
organization) Number)
358 SOUTH MAIN STREET, BURLINGTON, NORTH CAROLINA 27215
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(Address of principal executive offices)
336-229-1127
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(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
On March 5, 1997, the Company issued a press release announcing
that it has sold certain assets of its veterinary testing
business to Antech Diagnostics a subsidiary of Veterinary Centers
of America, Inc.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(c) Exhibits
20 Press release of the Registrant dated March 5, 1998.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
LABORATORY CORPORATION OF AMERICA HOLDINGS
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(Registrant)
By: /s/ BRADFORD T. SMITH
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Bradford T. Smith
Executive Vice President,
General Counsel, Secretary
and Compliance Officer
Date: March 10, 1998
FOR IMMEDIATE RELEASE CONTACT: PAMELA SHERRY
TELEPHONE: 336-584-5171, EXT. 4855
LABCORP -REGISTERED TRADEMARK- ANNOUNCES SALE OF VETERINARY LABORATORY
BUSINESS TO VETERINARY CENTERS OF AMERICA
DIVESTITURE CONSISTENT WITH LABCORP'S STRATEGIC PLAN FOR GROWTH
BURLINGTON, NC, MARCH 5, 1998 - Laboratory Corporation of America -Registered
Trademark- Holdings (LabCorp -Registered Trademark- ) (NYSE: LH) announced
today that it has sold certain assets of its veterinary testing business to
Antech Diagnostics, a subsidiary of Veterinary Centers of America, Inc.
(NASDAQ: VCAI). Antech Diagnostics, based in Irvine, California, operates a
national network of veterinary diagnostic laboratories. Under the agreement,
which will become effective March 1, 1998, LabCorp will retain the animal
studies portion of the business for clinical trials testing, one of LabCorp's
targeted opportunities for growth. Terms of the agreement were not disclosed.
"The sale of the veterinary business is consistent with our strategy to
evaluate all business activities and reposition resources to optimize growth
and profitability," said Thomas P. Mac Mahon, LabCorp's Chief Executive
Officer. "Our fundamental business objective is strengthening core businesses
and leveraging our unique capabilities in growth areas such as clinical
trials, occupational testing services, molecular diagnostics and genetic
testing. The divestiture of the veterinary business will allow us to refocus
valuable resources on those areas which enhance our position as a leader in
the industry."
Laboratory Corporation of America -Registered Trademark- Holdings (LabCorp -
Registered Trademark-) is a national clinical laboratory organization with
annualized revenues of $1.5 billion in 1997. The Company operates primary
testing facilities nationally, offering more than 1,700 different clinical
assays, from routine blood analyses to more sophisticated technologies.
LabCorp performs diagnostic tests for physicians, managed care organizations,
hospitals, clinics, long-term care facilities, industrial companies and other
clinical laboratories.
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