Founded in 1971 as Cardinal Foods by Robert D. Walter, the company was initially a food wholesaler. Cardinal Health (NYSE: CAH) plans to release first-quarter financial results for its fiscal year 2021 on November 5 prior to the opening of trading on the New York Stock Exchange. Key acquisitions--focused in the eastern United States--included Ellicott Drug Co. (1984); James W. Daly, Inc. (1986); and John L. Thompson Sons & Co. (1986). The parent company's geographic scope--32 distribution centers across the country--enabled it to compete for bigger business. DUBLIN, Ohio, July 30, 2017 /PRNewswire/ -- Cardinal Health (NYSE: CAH) today announced that it has completed the acquisition of Medtronic's Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency business for $6.1 billion. Its products mainly target therapeut... AstraZeneca Plc history, profile and corporate video Cardinal Health has acquired 42 companies, including 8 in the last 5 years. Ranked #26 on the Fortune 500, Cardinal Health employs nearly 35,000 people worldwide. Walter used the proceeds of a 1983 initial public offering to launch an acquisition spree that would gain steam over the next decade. But, as these retailers began to disappear from the pharmaceutical landscape, Cardinal sought out new profit centers: Pyxis' groundbreaking dispensers, Medicine Shoppe's retail pharmacies, and Healthtouch information systems, for example. Privacy Policy, Appleby, Chuck, "Betting Against Health Care,", Byrne, Harlan S., "Cardinal Distribution Co.: Acquisitions Carry Drug Wholesaler South and West,", "Cardinal Health Plans to Buy Drugstore Franchiser,", "Cardinal to Buy PCI in Stock Transaction Valued at $201 Million,", Dubashi, Jagannath, "The Tie that Binds,", Freudenheim, Milt, "Cardinal Health to Buy Pyxis in Stock Swap,", Heun, Christopher T., "Pharmacies Band Together to Share and Sell Drug Data,", Jereski, Laura, "Cardinal Health, Its Red-Hot Growth Slowing, Defends Its Flighty Price with Wider Margins,", Marsh, Barbara, "Bergen Brunswig to Take 'Goodwill' Charge of $87 Million,", Maturi, Richard, and Melynda Dovel Wilcox, "Small Stocks with Big Ideas,", Mehlman, William, "Cardinal on Cutting Edge of Wholesale Drug Boom,", Murray, Matt, "Cardinal Health Takes Pulse of New Arenas for Growth,", Pearlman, Andrew, "Cardinal Distribution: Popping Pills,", Reitman, Valerie, "Cardinal Sets Whitmire Deal for $303 Million,", Rose, Frederick, "Bergen Brunswig's Shares Jump 10 Percent on Rumors Cardinal Health May Bid,", Siwolop, Sana, "Cardinal Doesn't Need Any Medicine,", Ukens, Carol, "Wholesalers Push Inventory Consignment for Cost Efficiencies,", Vecchione, Anthony, "Cardinal Health Signing Merger Deal with Pyxis,", Wright, J. Nils, "Whitmire to Merge with Cardinal,", Zimmerman, Susan, "Roundy's to Buy Cardinal Food Unit,". The company went public on the NASDAQ stock exchange in 1983, and subsequently began a long string of acquisitions and mergers. When Walter made a move to acquire Alabama's Durr-Fillauer Medical, Bergen Brunswig quickly launched a bidding war with the upstart Ohio company. By the end of 1993, the company was ready to turn westward, but its rapid growth had caught the attention of well-established industry leaders McKesson Corp. and Bergen Brunswig Corp. Its history may be divided into three different In 2011, Jon and Galina Borschow announced their retirement. Fueled by its record-setting acquisitions, Cardinal's sales and net income multiplied rapidly in the early 1990s. from a strategy of diversification and acquisitions into an industry leader with $65 billion in revenues by 2004. In 2011, Jon and Galina Borschow announced their retirement. As the business behind health care, Cardinal Health helps pharmacies, hospitals and ambulatory care sites focus on patient care while reducing costs, improving efficiency and quality, and increasing profitability. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement. "We are extremely excited to welcome this team, with its deep knowledge, strong customer and distributor relationships, commitment to patients, and innovative spirit, to the Cardinal Health family," said Casey. To me, they're really the top company in the industry." By 1994, Cardinal Health had established itself as a leader in the drug distribution business with a nationwide presence and annual revenues of approximately $6 billion. The Cardinal Health 52-week high stock price is 60.69, which is 28.7% above the current share price. Approximately 3,000 employees will be joining Cardinal Health when all integration work and transitions are completed over the next few years. The company is helping customers standardize around medical devices, while offering innovative solutions in supply chain management, inventory optimization, and work flow tools and data to support the most effective management of the patient. A.G. Edwards investment analyst Donald Spindel asserted that "Cardinal has been the most innovative and the fastest growing. Since consolidation within the wholesale segment of the grocery business was out of the question, Walter attempted to shift his growth strategy, launching Mr. Moneysworth warehouse supermarkets. Complete the form below to receive e-mail notifications of our news releases. Cardinal Health today announced that it has completed the acquisition of Johnson Johnson's Cordis business, a global leader in cardiology and endovascular devices, for $1.944 billion . By 1987, a year before selling its food distribution segment, Cardinal Health’s pharmaceutical distribution business had become nearly twice the size of its food distribution business. In less than a decade, the then-named Cardinal Foods became a prominent regional food distributor until branching into pharmaceutical distribution in 1979. ", Cardinal entered the retail drug industry late in 1995, when the parent company traded $348 million worth of its stock for full ownership of St. Louis-based Medicine Shoppe International, a pharmacy franchiser with over 1,000 stores. It also provides pharmacy services to hospitals and other healthcare facilities. Recognized for Creating an Inclusive Workplace, Report explores issues impacting rheumatology practices, including value-based care, biosimilars and challenges in caring for aging population, Survey shows oncologists want more training to care for growing number of cancer survivors. Cardinal also maintained healthy margins by focusing on the most profitable segments of its business. In 2008, Cardinal Health completed the acquisition of Borschow expanding its corporate presence outside continental US. In addition, global headquarters and a Europe, Middle East and Africa hub have been established in Zug, Switzerland. All rights reserved. For more information on Cordis and Cardinal Health's other cardiovascular solutions go to http://www.cardinalhealth.com/en/product-solutions/medical/cardiovascular.html. The company was founded by Robert D. Walter in 1971 and is headquartered in Dublin, OH. Born of acquisition, Cardinal Health has at various points in its history depended heavily on a strategy of acquisition. CareFusion was created in 2009 as a spinoff of medical technology businesses from Cardinal Health. @2020 Cardinal Health. In 2008, Cardinal Health completed the acquisition of Borschow expanding its corporate presence outside continental US. By the end of the decade, Cardinal had accumulated a four-percent stake in the $22 billion wholesale drug business. Planning has been ongoing since the acquisition announcement in early March 2015 , and the integration is off to a successful start with management teams in place worldwide. @2017 Cardinal Health. Another record-breaking year followed for Cardinal in 2000. According to Forbes magazine's 1996 analysis of U.S. companies' 10-year total return, Cardinal ranked 25th. Cordis is a global company with a growing portfolio of products and talented people serving health care systems throughout the world. A division of Working Mother Media, DBP created the Inclusion Index... Cardinal Health (NYSE: CAH) today reported fourth quarter fiscal year 2020 revenues of $36.7 billion, a decrease of 2 percent from the fourth quarter last year. All rights reserved. This segment also manufactures sources and develops its own line of private brand medical and surgical products. In August, Cardinal completed the acquisition of Bergen Brunswig's medical supply distribution business, a distributor of medical, surgical and laboratory supplies to doctors' offices, long-term care and nursing centers, hospitals and other providers of care. Today, Cardinal Health provides an integrated offering of innovative products & services to help hospitals, pharmacies and other healthcare providers meet the growing challenges of a dynamic industry. To make matters worse, Cardinal was compelled to withdraw ten tons of salmonella-infected, prepackaged roast beef mid-decade. Cardinal Health (NYSE: CAH) announced today that it is sending an irrevocable notice of early redemption to the holders of the Company's $500 million 4.625% notes due 2020.