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Stryker Medical Corporation 3/13/92 [OA 7570] [1]
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Stryker Medical Corporation 3/13/92 [OA 7570] [1]
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Originally Processed With FOIA(s):
FOIA Number:
S
S
FOIA
MARKER
This is not a textual record. This is used as an
administrative marker by the George Bush Presidential
Library Staff.
Record Group/Collection: George H.W. Bush Presidential Records
Collection/Office of Origin:
Speechwriting, White House Office of
Series:
Speech File Backup Files
Subseries:
Chron File, 1989-1993
OA/ID Number:
13803
Folder ID Number:
13803-003
Folder Title:
Stryker Medical Corporation 3/13/92 [OA 7570] [1]
Stack:
Row:
Section:
Shelf:
Position:
G
26
22
3
7
Tim Simonson
will FAX,
Acknowledgments
(Duggan/Gershowitz/Nix)
by 1:00
March 10, 1992
Draft One
Stryker
PRESIDENTIAL REMARKS:
STRYKER MEDICAL CORPORATION
KALAMAZOO, MICHIGAN
FRIDAY, MARCH 13, 1992
[time]
[Acknowledgments]
COMMERCE
I'm here to salute an outstanding group of competitors in
one of our leading-edge industries. Stryker is celebrated across
the nation and around the world for the quality of your products
and the excellence of your management. You're leaders in an
innovative industry that makes our country proud.
Let me offer a personal note. I'm a grandfather -- and time
after time in recent years I've seen modern medical devices work
miracles for other grandparents. I've seen grandparents who had
been hobbled for years with arthritis. Now they're running and
playing again with their grandkids. Those miracles are thanks to
the advances your industry has made with artificial joints.
I am proud of how you at Stryker have gone abroad and
captured new markets for your high-quality American products.
Exports as a portion of your sales have risen steadily and now
account for almost one third of all your sales. You have
increasing numbers of customers in Canada and Mexico and Europe -
- and you're the number one seller of artificial hips in Japan.
Your industry is growing and creating good jobs for
Americans because you give as good as you get. The health care
Michael Fuchs Coumerce
technology industry, which is made up mostly of smaller companies
377- 05901ike
Stryker, invests an average of 6.3 percent of revenues in
2
research and development. That is nearly double the national
manufacturing average.
Your industry alone provides the United States with a
favorable balance of foreign trade of four billion dollars.
You're solid proof that, given a level playing field, American
workers can outthink, outperform and outproduce anyone, anyplace
in the world.
Some people can't seem to understand this. They see the
challenges of the global economy and they say: Let's draw the
blinds, bolt the doors and maybe the world will go away. They
push protectionism -- which really means surrender.
The defeatists may carp, but over time they'll become
irrelevant. The future belongs to those who have the will to
compete. And for my part, I'll continue working with you to open
up new markets in Mexico and South America and around the globe.
I'm also working urgently for a climate more favorable for
prosperity at home. Later today I'll give a longer speech to the
Economic Club of Detroit. There, I'll go into greater detail
about the economic growth plan I've asked Congress to pass by
March 20. We need new incentives to get the economy moving --
for instance, a new investment tax allowance. We need to get
real estate up and running -- and that means Congress should pass
my $5,000 tax credit for young people buying their first homes.
We need to reward the risk-takers who create new jobs -- and that
means cut the tax on capital gains.
But I'd like to spend the rest of my brief time with you
3
talking about another battle for the health of economy -- the
struggle against excessive regulation. A level playing field
outside the United States is all well and good, but you'll never
reach it if you have to run yourselves to exhaustion right here
at home on an uphill treadmill of overzealous regulation.
In my State of the Union Message, I instituted a 90-day
freeze on all proposed and existing federal regulations that
could affect economic growth. As much as possible, we are now
speeding up rules that will help growth and halting rules that
would harm the economy.
I am very concerned about the well-being of America's health
technology businesses. Our whole future depends on innovative
industries like yours. The Commerce Department recently reported
that America's health technology industry is the strongest in the
world -- but that if current political and economic trends
continue, it would slip behind European and Asian competitors by
the end of this decade. And need I say what one of those
negative trends is? It is government regulation.
As long as I am President I am determined to roll back the
tide of over-regulation. After the 90-day freeze, I'll introduce
reform legislation to correct unreasonable rules we can't change
simply through executive action. And I will fight with all my
might the Congressional liberals who try to impose new and
unreasonable regulatory burdens on Americans' livelihood. I've
already served notice, for instance, that I oppose the so-called
FDA enforcement bill. If Congress sends me any more legislation
4
with excessive regulation in it, I'll veto it as soon as it hits
my desk.
As long as I am President, I'll work to cut needless red
tape and get life-saving drugs and devices to those who need
them. Regulation of the healing arts and health technologies
must be based sound science -- not on ideological politics and
scare tactics.
And we need to heal something else -- a legal system that is
emptying our wallets and tearing our social fabric apart. That's
why I'm asking your support for my proposals to reform the
liability system and the civil justice system. You know how bad
the epidemic of lawsuits has become: Doctors have quit
delivering babies because they fear malpractice suits. Parents
won't coach little league for fear of liability suits. I want to
be president of a country where people spend more time helping
each other than they do suing each other.
Our economy will be strong only so long as it's free.
That's the lesson you innovators at Stryker have learned in
markets at home and around the world. It's a principle I'll
fight for in the public arena, in my go-arounds with Congress --
and as Chief Executive of the departments and agencies that
regulate American business.
Thanks again for your warm welcome. And may God bless the
strongest, bravest, freest country on earth -- the United States
of America.
#
#
#
This DRAFT
(Duggan/Gershowitz/Nix)
March 11, 1992
HAS BeeN FAct-Checked!
Draft Two
Stryker
PRESIDENTIAL REMARKS:
STRYKER MEDICAL CORPORATION
KALAMAZOO, MICHIGAN
FRIDAY, MARCH 13, 1992
[time]
[Acknowledgments]
I'm here to salute an outstanding group of competitors in
one of our leading-edge industries. Stryker is celebrated across
the nation and around the world for the quality of your products
and the excellence of your management. You're leaders in an
innovative industry that makes our country proud.
Let me offer a personal note. I'm a grandfather -- and time
after time in recent years I've seen modern medical devices work
miracles for other grandparents. I've seen grandparents who had
been hobbled for years with arthritis. Now they're running and
playing again with their grandkids. Those miracles are results
of advances your industry has made with artificial joints.
I am proud of how you at Stryker have gone abroad and
captured new markets for your high-quality American products.
Exports as a portion of your sales have risen steadily and now
account for almost one third of all your sales. You have
increasing numbers of customers in Canada and Mexico and Europe -
- and you're the number one seller of artificial hips in Japan.
[Your industry is growing and creating good jobs for
Americans because you give as good as you get. The health care
technology industry, which is made up mostly of smaller companies
like Stryker, invests an average of 6.3 percent of revenues in
2
research and development. That is nearly double the national
manufacturing average.]
Your industry alone provides the United States with a
favorable balance of foreign trade of almost three billion
dollars. You're solid proof that, given a level playing field,
American workers can outthink, outperform and outproduce anyone,
anyplace in the world. 11
Some people can't seem to understand this. They see the
challenges of the global economy and they say: Let's draw the
blinds, bolt the doors and maybe the world will go away. They
push protectionism -- which really means surrender.
The defeatists may carp, but over time they'll become
irrelevant. The future belongs to those who have the will to
compete. And for my part, I'll continue working with you to open
up new markets in Mexico and South America and around the globe.
I'm also working urgently for a climate more favorable for
prosperity at home. Later today I'll address the Economic Club
of Detroit. There, I'll go into greater detail about the
economic growth plan I've asked Congress to pass by March 20. We
need new incentives to get the economy moving -- for instance, a
new investment tax allowance. We need to get real estate up and
running -- and that means Congress should pass my $5,000 tax
credit for people buying their first homes. We need to reward
the risk-takers who create new jobs -- and that means cut the tax
on capital gains. III
But I'd like to spend the rest of my brief time with you
3
talking about another battle for the health of the economy -- the
struggle against excessive regulation. A level playing field
outside the United States is all well and good, but you'll never
reach it if you have to run yourselves to exhaustion right here
at home on an uphill treadmill of overzealous regulation.
In my State of the Union Message, I instituted a 90-day
freeze on all proposed and existing federal regulations that
could affect economic growth. As much as possible, we are now
speeding up rules that will help growth and halting rules that
would harm the economy. CONCil'S OFFice-I.D.
I am very concerned about the well-being of America's health
technology businesses. Our whole future depends on innovative
industries like yours. The Commerce Department recently reported
that America's health technology industry is the strongest in the
world -- but that if current political and economic trends
continue, it would slip behind European and Asian competitors by
the end of this decade. And need I say what one of those
negative trends is? It is government regulation.
Over-regulation here in the United States can give foreign
V.P.
corporations an advantage over American firms. It also can drive
U.S. businesses to move factories and jobs overseas. Recently,
office
because of heavy regulation, the number of approvals of new
JOHN
medical devices has dropped dramatically.
CONSSEN
Let me assure you: I am determined to roll back the tide of
over-regulation. After the 90-day freeze, I'll introduce reform
legislation to correct unreasonable rules we can't change simply
W. H. FACT sheet 1/192
4
through executive action. And I will fight the Congressional
liberals who try to impose new and unreasonable regulatory
burdens on Americans' livelihood. I've already served notice,
SAMS
for instance, that I oppose the so-called FDA enforcement bill,
which would needlessly impose new and costly burdens of
laNg
regulation on the health care industries. If Congress sends me
NgA
any more legislation with excessive regulation in it, I'll veto
speed it as soon as it hits my desk.
cleared
As long as I am President, I'll work to cut needless red
steve
tape and get life-saving drugs and devices to those who need
HAH
them. Regulation of the healing arts and health technologies
must respond to patients' needs and must be based on sound
science -- not on ideological politics and scare tactics.
And we need to heal something else -- a legal system that is
emptying our wallets and tearing our society apart. That's why
I'm asking your support for my proposals to reform the liability
system and the civil justice system. You know how bad the
epidemic of lawsuits has become: Doctors have quit delivering
babies because they fear malpractice suits. Parents won't coach
little league for fear of liability suits. I want to be
president of a country where people spend more time helping each
other than they do suing each other.
Our economy will be strong only so long as it's free.
That's the lesson you innovators at Stryker have learned in
markets at home and around the world. It's a principle I'll
fight for in the public arena, in my go-arounds with Congress --
5
and as Chief Executive of the departments and agencies that
regulate American business.
Thanks again for your warm welcome. And may God bless the
strongest, bravest, freest country on earth -- the United States
of America.
#
# #
MAR-11-1992 16:44 FROM KALAMAZOO CTY CHAMBER-CVB TO
12024566218 P.01
K
Kalamazoo County
CHAMBER OF COMMERCE
128 kolumumn Mail
20 1100
19005
1000
FAX TRANSMITTAL
TO:
Gary Gershowitz - white House
FAX: (202) 456-6218
FROM: Marty Dodge - Kalamazoo County chamber of Commerce
PHONE: (616) 381-4000
FAX # (616) 343-0430
DATE:
3-11-92
Total number of pages 20 including this cover letter.
MESSAGE OR SPECIAL INSTRUCTIONS:
Information as per your request - If
we can be of any further assistance please
don't hesitate to call
IF YOU DO NOT RECEIVE ALL THE PAGES, PLEASE CALL THE PHONE
NUMBER ABOVE AS SOON AS POSSIBLE.
Facsimile transmission sent
(date)
3-11-92 at 3:45 (time) P.M.
by Mary (name)
Thank You
ACCREDITED
B
Printed on recycled paper.
MAR-11-1992
16:45
FROM
KALAMAZOO CTY CHAMBER-CVB
TO
12024566218
P.02
Kalamazoo County
Fall '92
Redi-Reference Facts
Financial institutions:
Area: 576 square miles
Industry:
Arcadia BIDCO
More than 400 diversified
Arcadia Bank
Population: 223,411
manufacturing firms
Comerica Bank-Kalamazoo
(1990 census data)
First of America-Kalamazoo
Major Industries:
First of America Bank Corporation
County seat: Kalamazoo
Chemical products
Kalamazoo County State Bank
Pharmaceuticals
Michigan National Bank-West
Location:
Paper & allied products
NBD Portage
Southwestern Michigan, mid-way
Fabricated metals
Old Kent Bank & Trust Co.
between Detroit and Chicago.
Transportation equipment
Portage Commerce Bank
Robots
Fidelity Savings Bank
Western edge of Eastern Standard
Aircraft controls
First Federal of Michigan
Time Zone.
Plastics
Standard Federal Bank
Bedding plants
- also, 30 credit unions, members of
Ground elevation: 945 feet
the Kalamazoo Chapter of Credit Unions
Labor and Employment Data for
Distance in miles from:
Kalamazoo MSA October 1991
Market Facts for Kalamazoo:
Lake Michigan - 35
Total labor force - 119,300
Ameritech Publishing, Bell
Chicago - 150
Wage & salary employment * 115,100
Cleveland - 273
Marketing Report-Directory areas
Construction - 3,500
Detroit - 135
- Population: 260,387
Manufacturing - 28,400
- Households: 99,638
Flint - 125
Non-manufacturing - 83,200
- Median household EBI - 30,948
Fort Wayne - 150
Goverment - 19,500
Grand Rapids - 50
Unemployment - 7,100
Utilities:
Indianapolis - 270
Unemployment - 5.9%
Gas and clectric-Consumers Power Co.
Lansing - 70
Milwaukee - 240
Telephone - Michigan Bell and
Transportation:
South Bend - 70
Augusta - Hickory Telephone Co.
Freeways: I-94, U.S. 131
Water and scwer - Kalamazoo and
Toledo - 190
Airlines: American Eagle, Comair,
Portage municipal systems
Continental, Northwest, United
Climate
Express, USAir.
Populations of Cities,
Average Mean Temp. (F):
Trucking: 26 carriers
Year
49.7
Townships and Villages:
Railroads:
Jan.
24.7
- Passenger - Amtrak
Population
48.7
Tax Rate x
Apr.
- Freight - ConRail, Grand Trunk,
72.9
Oct. 1990
July
Bus:
53.8
80,277
Oct.
Kalamazoo (C)
76.82
- Greyhound, Indian Trails.
Portage (C)
41,042
59.26
- Metro Transit provided by cities
Kalamazoo (T)
20,976
65.32
Average annual snowfall - 69.7.
of Kalamazoo and Portage
Oshtemo (T)
13,401
56.81
Average annual precipitation - 34.27.
Comstock (T)
11,834
51.08
Prevailing southwesterly winds of 10
Cooper (T)
8,442
58.14
mph cross Lake Michigan and help to
Visitor Services and Information:
Texas (1)
7,711
49.05
moderate our climate.
34 motel/hotel facilities with 2,393
Schoolcraft (T)
3,707
54.89
sleeping rooms
College and University Enrollment:
Pavilion (T)
5,424
53.58
8 major conference centers with space
Richland (T)
Western Michigan University - 25,000
5,099
52.07
accommodating up to 1,500 people
Alamo (T)
3,276
51.43
Kalamazoo Valley Community
5 major annual festivals
College - 20,000
Climax (T)
2,221
55.60
Many other annual ovents/attractions
Vicksburg (V)
2,216
66.96
Kalamazoo College - 1,200
Parchment (C)
1,958
67.14
Davenport College - 1,000
Galesburg (C)
1,863
63.19
Nazareth Collge - 800
Communications:
Schoolcraft (T)
1,517
65.38
Television: 1 local station, cable TV
Augusta (V)
927
Churches:
62.77
(pay TV channels). Public Broad-
Climax (V)
700
68.05
248 churches representing 48
casting Service, and two local
Richland (V)
465
denominations
58.86
access centers for community
programming.
C=City
Hospitals:
T=Township
Radio: 6 AM stations, 8 FM stations.
V=Village
Borgess Medical Center (capacity 462)
If per $1,000 assessed value
Newspapers: 1 daily, Kalamazoo
Bronson Methodist Hospital (cap. 456)
assessed value under Michigan law
Gazette, circulation 63,212, and
Bronson Vicksburg Hospital (cap. 41)
equal to 50% of true market value
8 weeklies
For more information, contact the
Kalamazoo County Chamber of Commerce
128 N. Kalamazoo Mall, Kalamazoo, MI 49007
(616) 381-4000
CHAMBER OF COMMERCE
Extended Page
2.1
-25-
TOTAL P.02
3-1-91 -
FIED
POPULATION BREAKDOWNS BY COUNTY
Kalamazoo
1990
1980
St. Joseph
1990
1980
White
197,427
192,265
White
56,661
54,256
Black
19,879
15,846
Black
1,600
1,360
Hispanic
3,950
2,605
Hispanic
546
386
Asian/Pacific
3,168
1,417
Asian/Pacific
258
-
658
Native American
-
Native American
1,017
226
Other
1,920
2,192
Other
168
-
TOTAL
223,441
212,387
TOTAL
58,913
56,083
Van Buren
Barry
White
63,189
60,206
White
49,429
45,259;
Black
4,690
5,041
Black
104
66
Hispanic
2,254
1,499
Hispanic
521
420
Asian/Pacific
258
I
Asian/Pacific
144
-
Native American
646
-
Native American
188
-
Other
1,318
Other
192
-
-
TOTAL
70,060
66,814
TOTAL
50,057
45,781
Allegan
Cass
White
86,760
58,354
White
44,827
44,740
Black
1,448
4,471
Black
3,725
4,150
Hispanic
2,895
2,011
Hispanic
651
337
Asian/Pacific
411
-
Asian/Pacific
191
-
Native American
543
-
Native American
469
-
Other
1,347
-
Other
265
-
TOTAL
90,509
81,555
TOTAL
49,477
49,499
MAR-11-1992
16:46
FROM KALAMAZOO CTY CHAMBER-CVB
TO
12024566218
P.04
Kalamazoo County.
In the early days of
60 communities, 2,000
Michigan's statehood,
square miles and a half-
the Potawatamie Indians
million people. This
populated this part of
geographic midpoint
southwestern Michigan.
makes us a crossroads
The tribe peacefully
for business and in-
allowed settlers to clear
dustry. Along with a
the rolling hills and
climate moderated by the
cultivate the rich farm-
Great Lakes and a ready
land. Many villages were
availability of human and
established, including several that bordered the quiet but
natural resources, our location has helped us develop a
powerful Kalamazoo River, such as Galesburg, Com-
large and diverse industrial and business community.
stock, and Kalamazoo. Other early settlements, such as
This diversity sustains the stable and prosperous
Schoolcraft and Cooper, also still exist and thrive today.
economic base that characterizes Kalamazoo County.
The Kalamazoo River provided necessary power for
Kalamazoo County has a pace and lifestyle all its
the milling of both grain and paper. The establishment of
own Cultural events, shopping and entertainment are
such operations provided the incentive for long-term in-
plentiful and cosmopolitan in quality and variety. But
dustrial growth. Subsequent founding of two institutes of
unlike a big-city megalopolis, traffic jams are rare. Lakes
higher education - Kalamazoo College and Western
and woodlands are just minutes from anywhere. Sports
State Teachers College *** firmly cemented the base
and recreation are abundant year-round. Live theatre
upon which Kalamazoo County would build a healthy
joins with a wealth of orchestras and festivals, and our
cultural and business environment.
own art institute, museum and dance company in a
Nowhere is a higher premium placed on a richly
cultural tableau that makes us the arts' center in
varied, creative quality of life than in Kalamazoo County.
southwestern Michigan.
Consistently rating well in national surveys gauging a
Known not just for its quality of life, Kalamazoo
variety of living conditions, Kalamazoo boasts a quality
County is also recognized for its freedom and variety of
of life that is among the finest in the state. These ratings
lifestyles. Parochial and private systems supplement
are based on many factors, such as housing, climate,
nine public school districts. Our higher education institu-
education, the arts, transportation, and economics.
tions include a major university, two colleges, a com-
Newcomers to Kalamazoo find an exciting combination
munity college and a business college. Housing covers a
of the qualities that make life enjoyable and rewarding -
spectrum from traditional to contemporary in urban,
and that's probably the primary reason why Kalamazoo
suburban or rural environments. Two full-service
has been named an "All American City, U.S.A." in past
hospitals ensure quality healthcare. And more than 300
years by the Municipal League.
community agencies answer human needs in our 4 cities,
Exactly halfway between Chicago and Detroit, Kala
5 villages and 15 townships.
mazoo County is centered in a market area that contains
MAR-11-1992 16:47 FROM KALAMAZOO CTY CHAMBER-CVB TO
12024566218 P.05
The strength of our economy
is in the diversity of our
industry and business.
facilities south touchy subject here
G
enerated by Kalamazoo County's industries and
poration, originators and manufacturers of innovative
business, wages and profits are the cornerstones for all
orthopedic beds and surgical equipment.
the elements that make life good in Kalamazoo - our
The Upjohn Company is the county's largest
cultural facilities, parks, schools, neighborhoods and
employer. Its concern for human health the world over is
homes. We are fortunate to live in a community where a
reflected in its concern for the Kalamazoo community.
tradition of industrial diversity helps maintain a stable
Since its founding in 1886, The Upjohn Company has
economy and a prosperous standard of living.
been a leading local benefactor, contributing significantly
Kalamazoo County's industrial base has always been
to all aspects of our county's development. Just recently,
varied. Around 1865, Kalamazoo County was the first in
the company gave a $10 million gift to the community- -
the United States to cultivate and market celery. The
$2 million a year for five years - to improve the area's
vegetable was so successful that by 1920, we were the
infrastructure.
celery capital of the nation. While celery farming is no
In total, Fortune's 500 lists over 20 of the nation's
longer an industry here, more than 1,000 farms utilize 45
leading corporations with facilities in and around
percent of the available land to raise dairy herds, grain
Kalamazoo County. Chemical products rank as the
and truck crops.
largest single industry,
A century ago, Kala-
along with paper and
mazoo manufactured
allied products, fabri-
carts, buggies, steam
cated metals and trans-
Checker has been moving
engines, windmills,
portation equipment.
stoves and cement. Be-
With well over 300 man-
tween 1902 and 1926, six
ufacturing firms, the
different automobiles
Kalamazoo SMSA ranks
were assembled here.
seventh in the state in
Today, the Checker
total number of manufac-
Motors Corporation still
turing employees. Of the
manufactures parts, as
Upjohn
total labor force, 33 per-
does General Motor's
cent are in manufactur-
Buick-Oldsmobile-Cadil-
ing areas.
lac Division plant, which
started in the mid-1960s.
FOUNDATIONS
Paper has been a ma-
FOR GROWTH
jor industry for more
Even when business
than a century. The
conditions fluctuate in
dozens of mills prevalent
other parts of the state,
in the early 1900s are
the economy remains rel-
now consolidated under a
atively stable in Kalama-
few major firms. And
200 County. Traditional
their continued impor-
The Upjohn Company headquarters and some of its products
ly, unemployment falls
tance here has prompted
below both state and na-
the growth of many paper-related businesses that include
tional averages, due largely to the variety of industry and
specialty papers, inks and chemical manufacturers and
business here. Our labor force is plentiful and well skilled.
printing companies.
And our labor costs are competitive.
A partial listing of our cornerstone companies -
Our county's economy has continued to grow in re-
those who have long contributed to the county's develop-
cent years with new industrial development and expan-
ment - demonstrate our diversity. They include Swift-
sion. Stryker Corporation has invested more than $2.5
Eckrich, James River Corporation. Georgia Pacific,
million in its future in Portage and the Upjohn Company
Simpson Paper and Performance Papers, Inc., all paper
has devoted over $75 million to two new facilities in
manufacturers; Hercules, Inc., located in Parchment;
downtown Kalamazoo.
The Upjohn Company, world leader in pharmaceuticals
Successful, smaller manufacturing firms also elect to
and chemicals; NWL Control Systems, manufacturers of
locate in Kalamazoo County, including dozens of plastics
aircraft and missile components; and the Stryker Cor-
16
MAR-11-1992 16:47 FROM KALAMAZOO CTY CHAMBER-CVB TO
12024566218 P.06
Employer
# of Employees
Product/Service
1,000 employees or more:
The Upjohn Company
7,500
Pharmaceuticals, chemicals, arethanes, agricul-
7000 Portage Road
tural products
Kalamazoo, MI 49001 - (616) 323-4000
worldwide headquarters
General Motors Corporation
3,327
Body stamping plant
Buick-Oldsmobile-Cadillac Division
5200 E. Cork Street
Kalamazoo, MI 49008 - (616) 384-1100
Bronson Methodist Hospital
3,100
Healthcare
252 E. Lovell
Kalamazoo, MI 49001- (616) 341-7654
Western Michigan University
3,000
Education
3062 Siebert Administration Bldg.
Kalamazoo, MI 49008 - (616) 387-1000
Borgess Medical Center
2,210
Healthcare
1521 Gull Road
Kalamazoo, MI 49001 - (616) 383-7000
Kalamazoo Public Schools
2,208
Education
1220 Howard
Kalamazoo, MI 49007 - (616) 384-0100
First of America Bank MI NA
1,759
Banking/full service
108 E. Michigan Ave.
Kalamazoo, MI 49007
(616) 383-9000
James River Corporation
1,620
Printing, paper packaging, flexible packaging-
243 E. Patterson
bakery, food, grocery goods, consumer dispos-
Kalamazoo, MI 49007 ------------------- (616) 383-5000
able products
Meljer, Inc.
1,500
Retail, good and household products
5121 S. Westnedge
Kalamazoo, MI 49008 - (616) 381-3465
Portage Public Schools
1,000
Education
811 S. Westnedge
Portage, MI 49002 -- (616) 329-7400
500-999:
City of Kalamazoo
900
Government services
241 W South St.
Kalamazoo, MI 49007. (616) 385-8017
County of Kalamazoo
900
Government services
201 W. Kalamazoo Ave.
Kalamazoo, MI 49007 - (616) 384-8111
United States Postal Service
886
Postal services
1121 Miller Road
Kalamazoo, MI 49001 - (616) 388-7211
Eaton Corporation
850
Automotive parts distributor
13100 E. Michigan
Kalamazoo, MI 49003 - (616) 342-3000
Kalamazoo Regional Psychiatric Hospital
802
Healthcare
1312 Oakland Drive
Kalamazoo, MI 49008- (616) 385-1200
MAR-11-1992 16:49 FROM KALAMAZOO CTY CHAMBER-CVB TO
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P.07
Employer
# or Employees
Product/Service
500-999 (continued):
NWL Control Systems
750
Aircraft, missile, flight, and engine components
2220 Palmer St.
Kalamazoo, MI 49001 - (616) 384-3400
Checker Motors Corporation
500
Automotive stamping and parts
2016 Pitcher St.
Kalamazoo, MI 49007 - (616) 343-6121
250 + 499 employees:
Old Kent Bank
450
Banking/full service
136 E Michigan Ave.
Kalamazoo, MI 49007 - (616) 383-6700
Beach Products
392
Tableware and giftware
3825 Emerald Drive
Kalamazoo, MI 49001 - (616) 349-2626
Durametallic Corporation
389
Fluid seals and packing
2104 Factory
Kalamazoo, MI 49001 - (616) 381-2650
Swift Eckrich
370
Sausage and meats
631 Second St.
Kalamazoo, MI 49007 - (616) 381-4114
Georgia Pacific
350
Printing and converting papers
2425 King Highway
Kalamazoo, MI 49001 - (616) 382-2890
Simpson Paper Company
350
Tech and printing papers
336 W. Washington
Vicksburg, MI 49097 - (616) 649-0510
Stryker Corporation
350
Surgical and hospital equipment
420 Alcott
worldwide headquarters
Kalamazoo, MI 49001 - (616) 381-3811
Borroughs Manufacturing Corporation
320
Steel shelving, office furniture merchandising,
3002 N. Burdick
storage, display equipment
Kalamazoo, MI 49007 - (616) 342-0161
Humphrey Products
316
Pneumatic valves and devices, gas
P.O. Box 175
Kalamazoo, MI 49003 - (616) 381-5500
Allen Test Products
300
Automotive diagnostic and test equipment
8001 Angling Road
Kalamazoo, MI 49002-(616) 329-7600
Kalamazoo Valley Community College
300
Education
6767 West 0 Ave.
Kalamazoo, MI 49009-(616) 372-5000
Consumers Power Company
250
Gas and electricity
2500 E. Cork St.
Kalamazoo, MI 49001-(616) 381-6131
Mead Products
250
School supplies, stationary, loose leaf binders
4141 Manchester Rd.
Kalamazoo, MI 49001-(616) 382-0390
Up to 249:
Plastic Engineering Inc.
200
Plastic parts and molds, industrial chermicals
1821 Vanderbilt Rd.
Kalamazoo, MI 49002-(616) 327-6788
MAR-11-1992
16:51
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Strong
Heritage, Dutch And provide for our
Locally
spiritual selves.
W
ithin Kalamazoo County, more than 200 estab-
lished churches and places of worship represent over 50
different faiths and denominations. This strong religious
community provides a myriad of community and social
programs, ranging from prisoner rehabilitation to coun-
seling and shelter for runaway youth. The county also
serves as the center of the Episcopal Diocese of Western
Michigan and the Catholic Diocese of Kalamazoo, each
with its respective cathedral and bishop.
In the city of Kalamazoo, the streets bordering Bron-
son Park make up "Church Square." Here, five of the
county's pioneer churches face the park, all but one
rebuilt at least once on or near the original sites. The
oldest original edifice is the First Baptist Church, with
portions of its structure dating back to 1853.
The greatest single spiritual and cultural influence
on Kalamazoo County may have been the arrival of the
Hollanders and establishment of the First Reformed
Church in 1850. The influx of the Dutch contributed
greatly to the community's character, still evident in the
county's orderliness, its love of flowers and large horti-
culture industry, and the Dutch families that continue to
contribute to our culture and prosperity.
In the late 19th century, the Unitarian Peoples
Church raised a loud voice for social concerns. Under the
ministry of Caroline Bartlett, the Peoples Church was a
civic center housing a kindergarten, women's gym, a
club for young black men, manual training classes for
men and boys, as well as other activities. In 1899, Miss
Sculptor, Kirk Newman with his bicenternial grouping in Bronson
Bartlett's manual training programs were adopted by the
Park
public schools, making Kalamazoo the first district in the
state to offer vocational education. A short time later, the
kindergarten plan also was adopted.
In 1976 Kalamazoo County's religious congregations
united and commissioned a sculpture honoring
America's Bicentennial. In Bronson Park, Kirk Newman
created the bronze grouping of children representing dif-
ferent ethnic and social backgrounds. The children ex-
press innocence, freedom, and hope in the future of
America. The dedication plaque echoes the words of the
prophet Zechariah and represents the character and
spirit of the Kalamazoo County Community:
Where justice and mercy prevail,
children may safely play.
Historically, the spiritual community has played a vital role
in the growth of our social and educational institutions and
services. But its most significant contribution is to the
character of Kalamazoo County and the people who live
here.
Ladies Library Society, first in the nation
26
MAR-11-1992 16:51 FROM KALAMAZOO CTY CHAMBER-CVB
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12024566218 P.09
NEWS
Greater Kalamazoo
United Way
709 South Westnedge Avenue
Kalamazoo, Michigan 49007-5099
Ph: 616-343-2524 FAX: 616-344-7250
CONTACT: Ann Marston Assoc. Executive Director
Carol Janowicz Communications Director
GREATER KALAMAZOO UNITED WAY
616/343-2524
HOLD FOR RELEASE
(Release Time: 8 PM 2/201
FAMIL Y INSTITUTE RECEIVES FEDERAL GRANT
February 20, 1992, Kalamazoo, Mich: A new human services agency is being born in
Kalamazoo. For the past two years, community citizens have been working on a new concept an
agency whose primary purpose is to strengthen the family. Today in Kalamazoo officials of The
Upjohn Company, Rev. Otha Gilyard and officials of the Greater Kalamazoo United Way came
together to present the Family Insitite. The Family Institute now incorporated in the State of
Michigan has received its not for profit status and with the help of the GKUW has received a
three year $467,786 demonstration grant from the Federal Government This grant assures the birth
of the Family Institute, This first Federal Grant, for the Prenatal Services Support Team project,
will focus on creating an integrated family support facility to support pregnant women and young
mothers by offering access to several health services in B home-like environment.
Rev. Otha Gilyard of Mt. Zion Baptist Church and Dr. Theodore Cooper of the Upjohn
Company worked with a coalition of community organizations and agencies since the Fall of 1989
to establish a place where people could come together to work on common problems and receive
support and service to cope with the stresses associated with drugs, crime and the worsening
economy. The goal was to design and implement at highly integrated community family support
system for parents of children ages 0 - 6 years, regardless of the age of the parent or number of
children in the family. Funding and administrative support for the planning process was provided
by The Upjohn Company and the Greater Kalamazoo United Way.
The Family Institute was approved by the Northside Coalition in March, 1991, and articles
of incorporation were filed and approved establishing the Institute as a non-profit agency under
Article 501 (c) (3). Chair of the Family Institute's Board of Directors is Jim Greene.
The Family Institute planning committee did extensive research on community attitudes and
desires.- The efforts included four focus groups, a neighborhood door-to-door survey reaching 468
individuals and a community meeting attended by over 100 people. A variety of support groups.
workshops, classes, mentoring programs, parent-child "life-planning" sessions and advocacy activities
will be provided for families needing general support. The Prenatal Services Support Team (PSST)
project is the first effort to connect the Family Institute with established community services.
#
#
MAR-11-1992
16:52
FROM KALAMAZOO CTY CHAMBER-CVB
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P.10
KALAMAZOQ MICHIGAN
Institute aims
to help families
CRAIG THOMAS
tion to social service agencies -
At 7:30 tonight, # now human
are stepping in to ensure the wel-
service agency is expected to be
fare dron. and development of the chil-
launched in Kalamasoo.
The dream of a Family Institute
Adding to
will become 8 reality, according to
the muddle is
the Rev. Othe Gilyard, pastor of
the lack of
Kalamazoo's Mount Zion Baptist
agreement
Church, Gilyard, along with offi-
health-care even among
cials of The Upjohn Co. and the
Greater Kalamazoo United Way,
and family.
will explain the agency's purpose:
welfare pro-
to strengthen the family.
fessionals on
Details of $
what consti-
major federal
tutes $ family.
grant and a
Deloris Jordan
Cooper
building to
Phillips, an associate professor of
House the in-
actial work at Western Michigan
stitute also are
University, previously told the Ga-
expected to be
zette that the concept of family"
announced.
isnot all together clear.
The Family In-
"We assume that the nuclear
stitute has
family is the norm, but it is becom-
been incorpo-
by less so," Phillips said. "Single-
rated as a non-
Gliyard
parent, same-gender, blended
profit agency and is expected to
families and variations of the BE-
receive substantial flustrial assis-
clear common. family are becoming more
tance from Upjohn, the locally
based pharmaceutical firm that sw-
Society Is having to intervene in
corded $3.4 billion in sales last
what used to be traditional family
year.
matters, Kalamazoo County Prose-
In 1989, Gilyard and Theodore
cutor James Gregart said. "We TO-
Cooper, chairman and chief execu-
member the dream, but the reality
tive officer of Upjohn, began lobby.
ing for an Agency that would be
hopes." is nowhere near our fondest
centered around a child-care cen-
"I think the Family Institute is
children. ter where parents could bring their
an attempt to maintain the positive
and necessary aspects of family liv-
In addition to a place to bring
children, parents will be encour-
ing and still provide # wide lati-
tude to allow people to choose
aged to participate in discussions
with other parents at the institute.
their own configuration," Gregart
said in previous interview.
The institute will seek to teach par-
ents how to become better parents
"But that does not mean we
through 3 combination of self-help,
should allow those people who are
classes. one-on-one coaching and group
procreating to walk away from
their responsibilities."
As more and more families
A reception and news media
avolve from the traditional mom-
briefing is set for tonight in the
dad-children configuration, social
board room of the Greater Kalama-
institutions - from law to educa-
200 United Way to officially mark
the start of the new agency.
P.11
AMAZOO GAZETTE
FRIDAY, FEBRUARY 21, 1992
12024566218
&CLASSIFIED
TO
467,786 federal grant launches Kalamazoo's F
Team project. The funds will help create
started, said Ann Marston, associate ex-
AIG A. THOMAS
ETTE STAFF WRITER
a facility that will offer a wide range of
ecutive director of the Greater Kalama-
federal grant of $467, 786 is easing the
health services in a single location for
200 United Way,
FROM KALAMAZOO CTY CHAMBER-CUB
th of the Family Institute, a new hu-
pregnant women and young mothers.
Greene announced that $ permanent
A service agency unveiled Thursday
Greene said the institute expects to
site is. being negotiated and will be
serve 75 clients the first year, 150 elients
named in the next couple of months. But
ht in Kalamazoo.
'he institute received the three-year
the second year and 175 clients the third
for now, the temporary site is set to open
nonstration grant with the help of the
year of the grant.
in a building 00 the city's North Side.
:ater Kalamazoo United Way, Institute
"We come here tonight to celebrate a
The center will be working with the
cials said at the agency's christening
new birth," said the Rev. Otha Gilyard, 1
Family Health Center and a group of oh-
remony at the United Way headquar-
dominant force behind the institute. "But
atetricians and gynecologists at Bronson
it is important to note that there is work
Methodist Hospital, Greene said.
$
The non-profit institute is designed as
yet to be done.
Kalamazoo Mayor Beverly Moore said
highly integrated community family
"We want to strengthen and to empow-
she is encouraged by both the makeup of
or the family, but we don't expect It to be
the 17-mamber board of directors and the
oport system for parents of children up
age 6, regardless of the age of mother
the cure for all social ills," said Gilyard,
fact that preventative measures are be-
number of children in the family," said
paster of Mount 24on Baptist Church
ing funding.
"I'm absolutely delighted that this
"The notion that "if you can't measure
nes E. Greene the institute's board
agency hasbeen created," said Theodore
prevention, then don't fund it' doesn't ap-
MAR-11-1992 16:53
airman.
The institute will provide medical ser-
Cooper, chairman and chief executive of-
pear to. be operating here," Moore said.
ficer of The Upjohn Co. "The focus will
"The creation of this agency is evidence
es and seek to teach parents how to
come better parents through a combi-
not be on what government can do, but
that there is a willingness to fund preven-
tion of self-help, one-on-one coaching
what people here want to do."
tion, which is $0 logical."
dgroup classes.
In addition to Cooper's personal sup-
Moore also said she is pleased that four
The federal grant is expected to sup-
port, Upjohn contributed $15,000 for
area minority doctors have agreed to
The Upjohn Co. Chalman Dr. Th
planning costs and $30,000 in an unre-
take time out of their own private prac-
James E. Greene Jr. describe the
it the first of several major programs,
Juding the Prenatal Services Support
stricted grant to help gel the institute
tices to support the Institute.
helped found the agency. Greens
MAR-11-1992 16:54 FROM KALAMAZOO CTY CHAMBER-CVB TO
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P.12
OFFICE OF MINORITY HEALTH
Minority Community Health Coalition
Demonstration Grant Frogram
COVER SHEET$ attach to Completed Application
Applicant Organization: Greater Kalamazoo United Way
Project Director: W. Thomas Dugard, Jr.
Title of Project: Prenatal Services Support Team
1.
Abstract: Describe the proposed project in 250 words or
less.
This project will improve the health of minority mothers and children by creating an integrated family
tike environment that includes child care, feundry, and food. This facility is one project planned by the
support facility providing pregnant women and young mothers access to several health services in a home-
Family Institute, a coalition of community organizations and agencies that has been working together since
the Fall of 1989.
The facility will enable participants to meet = variety of family needs at one location, as recommended
Information, social support, and substance abuse services will the available. Referral and Intake into other
recently by the National Commission to Prevent Infant Mortality (1991). Prenelal and neonatal care and
services will be coordinated have. While these needs are being attended to. child care will be provided
and the week's laundry can be done. A congenist environment. with snacks available, will encourage
learning, networking. and mentoring. Though the facility will be located within walking distance of many
potential participants, transportation will be available to those who Eve farther away, are too sick to travel
easily. or need to meet appointments olsewhere.
chemical dependency. The interrelatedness of these problems makes an integrated approach essential.
Specific health problems to be addressed include infant mortality. sexually transmitted disease, and
2.
Indicate which health problems the project will address.
Bond
I physical activity/fitness
[ ] nutrition
{
tobacco
[X
alcohol and other drugs
[
violent and abusive behavior
I
educational and community-
[
] unintentional injuries
based programs
[ 3 occupational safety and health
[
]
environmental health
[x] maternal and infant health
[
heart disease and stroke
[ cancer
[ ] diabetes and chronic
[
1 HIV infection
disabling diseases
[x] serually transmitted diseases
[
]
other
3.
Indicate the race/ethnicity of the group the project will
target.
€
1 Asian/Pacific Islander
[x] African American
1 ] Hispanic
[
1 Native American/Alaska
Native
[ ] Combination (indicate below) :
MAR-11-1992 16:54 FROM KALAMAZOO CTY CHAMBER-CVB TO
12024566218
P.13
Of Every 100 Children
Born in Kalamazoo Today
14 will be born out of wedlock.
40 will be born to parents who divorce before the child is 18.
5 will be born to parents who separate.
KAAAP
2 will experience the death of one parent before their 18th birthday.
41 will reach the age of 18 "normally".
The Challenge
S
ocial, economic, environmental and familial forces are putting many of our children educationally "at-
risk." Their ability to learn and motivation to stay in school is severely hampered by forces out of their
control. As a result, they have uncertain futures as students, workers and citizens, and ultimately, are unlikely
to become productive members of our society.
The Response
be Kalamazoo Area Academic Achievement Program is a visionary, innovative program to assist
T
these "at-risk" children from failing academically or dropping out of school. It combines financial in-
centives toward post-secondary education in conjunction with three supportive component programs to
address the complex problems of these "at-risk" students.
Parenting Component enlists help of students' parents to provide encouragement, support
and assistance in their child's academic success.
Mentoring Component - brings business and community members into personal contact with
KAAAP students for additional guidance, support, role modeling and learning.
Work Experience/Co-op Component implements a work experience program enabling 7th
10th grade KAAAP students to experience different occupations. Also, develops cooperative
and part-time jobs for students as they reach 11th and 12th grades.
Grade
Beginning early in the development of these future employees
), students can earn financial
credits rewarding attendance, conduct and acceptable academic performance. At the same time, their
parent(s) learn to provide encouragement and support. Students are also introduced to mentors in the busi-
ness community and later, have an opportunity to gain practical work experience.
Possible cash incentives available through the program, by graduation, can reach up to $4,000 for each
student. These dollars will be funded through an endowment campaign, currently underway. Its goal is
$4.3 million and was launched with a contribution of $500,000 from the Upjohn Company. (OVER fire years Next)
Our Success Depends on You
A
$ a business person, the success of these children should be a prime concern to you. It is businesses like
yours which will eventually find themselves bearing the burden of increased training costs
or unemployment costs as those children who do not succeed enter the workforce. Strengthening local
education benefits your business in a variety of ways:
it provides you with a pool of qualified workers to draw from in the future.
it is a valuable asset when recruiting employees from outside the area.
it provides a valuable tool to local economic development efforts, creating a stronger economy.
To succeed we need your participation. Your contribution, whether financial or through volunteer work done
through one of KAAAP's component programs, is crucial to the success of our children, our community and
ultimately of your business.
To participate contact the Kalamazoo County Chamber of Commerce at 381-4000.
MAR-11-1992
16:55
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P.14
Enterprise/March 1898 18
KAAAP helping kids like Bobby map out a better future
y Marty Dodge
Kalamazoo Public School system.
KAAAP class graduate and receive
A generous gift of $500,000 from
Every day more and more children
their incentive dollars and credits,
the Upjohn Company kicked off the
Bobby, at the ripe, old age of 10,
SSB their maps leading only to bleak
some 900 Kalamazoo County stu-
program's community fund raising
Iready has his future mapped out
futures. Even though meny of these
dents will be involved. The inten-
effort this past summer. However, to
Tragically, Bobby's map shows
children have the potential to do
tion is to spread the program to all
reach the $4.3 million goal more sup-
nly dead ends and blind alleys.
very well, many will falter, unable
school systems that are included in
port from local business is needed.
to overcome negative circumstances
the Kalamazoo Valley Intermediate
Business has much to gain from
It doesn't lead to a college or
rade school, 8 decent job, or a home
over which they have no control.
School District.
supporting the program. As & Stan-
n a nice neighborhood. It doesn't
These children are considered
"The research that's out there
ford University researcher recently
ven include a high school diploma.
educationally at risk.
on programs similar to KAAAP in
pointed out during a presentation
When he grows up Bobby wants
A large and complex problem, it
very strong, real positive research
on "The Economics of Educating the
family and a job he can support
calls for a well-thought out solution.
AB of the components that make
At-Risk" earlier this year at West-
hem with. Trouble is, he probably
Enter, the Kalamazoo Area Aca.
this thing work - the parenting,
era Michigan University: for every
won't have the skills or abilities a
demic Achievement Program.
the mentoring, providing experi-
$1 invested in educating at-risk stu-
KAAAP offers children such as
ences in the world of work, and then
dents there is 8 six- to seven-fold TO-
ob like that will require.
the money - all four of those things
turn from tax revenues and
Bobby still enjoys school. He
these tools and resources to remove
goes to class every day and makes
obstacles barring them from sue-
taken together provide & real strong
avoidance of social welfare costs,
decent grades. But, each day it gets
cessfully completing school.
link to families and kids that don't
unemployment compensation, and
a little harder. His world seems full
Scheduled to select 100 fourth-
stand much of a chance to make it.
criminal incarceration.
of potential roadblocks. He knows
graders for participation by March's
This is real,* Compton said.
KAAAP volunteers will contact
life can throw things his way to
end, it combines financially based,
However, an effort this size
businesses to solicit support, over
make it pretty tough - his mom has
incentives toward post-secondary
doesn't come cheap. Volunteers are
the next several weeks. For those
told him 90.
education with parenting, mentor-
now calling on local businesses to
concerned about the future work
ing and work-experience
raise money necessary to establish
force of our community, this can be
components. Based on aca-
a $4.3 million endowment to allow
a great opportunity to help our chil-
demic performance, atten-
the funding mechanism of the pro-
dren map out a much more promis-
dance, citizenship and
gram to become self-perpetuating.
ing, productive future.
dedication, the reward for
participating students, by
graduation, can contain up to
Horton Named New KAAAP Director
$4,000 in cash and post-sec-
ondary tuition credits.
The Kalamazoo Area Academic
for of an alternative high school in
Children will be selected
Achievement Program (KAAAP), an
Plainwell and served as employer
based on nationally recog-
effort to assist local students to
development director of the State
overcome obstacles putting their
Technical Institute here. She is a
nised criteria that place
them in the ranks of poten-
educations at risk, has hired Marty
graduate of Pace University, in
tial drop-outs. Using these
Horton as its executive director.
New York City, took graduate
This year, KAAAP will help 100 KPS students
criteria selection points have
The program will select 100
courses in special education at
Columbia University and received
overcome obstacles keeping them from graduat-
been assigned, based on fam-
fourth-graders for participation by
ing with students like these in the year 2000.
ily income at or below the
the end of March. Horton's charged
her master's of business manage-
poverty level, single parent
with leading it through its fund
ment at Nazareth College.
It would be easier to do well in
homes, siblings who've experienced
raising and early stages, a task she
Horton says interaction with the
school if he could get some encour-
learning difficulties, low birth
says she's anxious to undertake.
children participating will be a key
weight, and perent(s) educational
What is needed from me is to be
to their success. "It's important to
agement and know be had as chance
to afford college or a trade school.
level.
& manager. It's really a good fit. I
set up a structure to keep good
But his family lives from paycheck
"We are finding kids, generally,
can 000 it from all the different per-
track of the kids and their mentors,
to paycheck and there just isn't any-
that like to come to school, and kids
spectives. I've been in education,
otherwise we're not doing the job
thing left to save for the future.
who do, considering their circum-
been working with employers, and
the program was designed to do.
His mom does her best, raising
stances, relatively well. That would
worked with at-risk kids."
Those kids have to become a known
four children by herself on $12,000
be at the very low average or the
The innovative program, orga-
quantity. Horton says she's com-
a year. People tell her school is im-
very high, low-achievement rate.
nized by the Chamber of Commerce
mitted to those KAAAP kids, par-
portant, but most of the time she's
These are the kinds of kids that we
through a cooperative effort of busi-
ents and teachers. "I don't want to
too busy trying to put food on the
try to designate for KAAAP," Gary
ness people, community leaders
be sitting in an office to do that. 1
table and keep her kids off the
Compton, KPS director of elemen-
and local educators, offers students
want to visit those kids and make
street to see how Bobby's doing in
tary education, explains.
financial incentives and personal
sure people know we're behind
school. Besides, all things consid-
"They're showing, despite all of
support to keep otherwise promis-
them, and give them support."
ered, she figures she's managed all
the factors which are working
ing students from falling prey to
"The onus is on the kids. That's
right without a high school diploma.
against them in their life - the
factors, beyond their control, which
what I really like to see. And there
This is how Bobby sees his map.
forces over which they have no con-
keep them from staying in school.
is a respect for the kids. I think
How does he know his map
trol - some spark, that they can do
Horton says her generalist's
that is something of great import to
looks like this? Easy - he's already
it and that they have some achieve-
background should serve her well
me - that these kids have choices.
seen it. It's the one his older brother
ment level," Compton added.
in her new role with KAAAP.
All we can do is help them create a
Roy has used, and it won't be long
Each year another 100 fourth-
Among her other work experience,
vision of what their future might be
before it becomes Bobby's legacy.
graders will be enrolled in the pro-
she established and served as direc-
like. But, it's really up to them."
N
Bobby isn't a real child. but his
gram, so that, by the year 2000,
story is for many children in the
when members of the pioneer
KTS Industries Celebrates 125 Years
Specializing in
Professional & Office Services
KTS Industries, 608 Harrison
In the 1920s KTS pionesred the
St., Kalamazoo, recognized by the
the of mit glaze tanks and lining
Secretaries
Right
Bookkeepers
Historical Society of Michigan as
tile in the pulp and paper industry.
Receptionists
Data Entry
"one of the oldest manufacturing
By 1939, the company turned its
Word Processors
Legal/Medical
firms in the state and the third old-
attention to metal cutting band
Admin. Assistants
Light Industrial
est in the city of Kalamazoc,3 is cel-
saws, introducing the first Kalama-
its
200 Saw that year By 1950 the
Chart Term I one Tarm or
MAR-11-1992 16:57
FROM KALAMAZOO CTY CHAMBER-CVB
TO
12024566218 P.15
NOT
HOME
rsity
Re
arch and
Business Park.
A natural
location.
WESTERN MICHIGAN UNIVERSITY
MAR-11-1992 16:57
FROM KALAMAZOO CTY CHAMBER-CVB
TO
12024566218
P.16
natural location
for nearby talent
and resources.
evaduate offerings, including
highest degree in their field.
FS doctoral programs, has
WMU's expanding role as
been recognized by the presti-
a research-oriented university
Michigan
gious Carnegie Foundation.
- reflected in more than $12
research
which designated WMU as
million in external support
resources and campus facilities.
the only Doctoral I university
each year for research and
WMITS the state's fourth
in the state of Michigan. This
sponsored programs - offers
Gargest university, offering
reaffirms the continuing de-
numerous opportunities for in-
more than 220 programs to
velopment of Western Michi-
teraction and education. One
some 28,000 students. And,
gan University as a research-
example is WMU's state-of-
with 25 percent of its students
oriented institution with ex-
the-art Paper Pilot Plant that
seeking advanced degrees,
tensive graduate programs.
was awarded a $1.3 million
WMU is one of Michigan's
The university's academic
Environmental Protection
five graduate-intensive uni-
strength can be attributed to a
Agency grant to conduct re-
full-time faculty of 750 mem-
search on office paper recy-
versities.
The strength of Western's
bers. Seventy percent hold the
cling. Another is the nationally
MAR-11-1992
16:58
FROM KALAMAZOO CTY CHAMBER-CVB
TO
12024566218
P.17
A
natura location
for business
and ésearch.
You ditink ablete this
business and commerce, in-
innovation,
wid this beaut
cluding the Kalamazoo/Battle
- access to the University's
fullend this nature
Credit International Airport,
educational resources and re-
but be located more country
W
campus, top hotels,
search services in business, sci-
net Western
fine-ining, daily Amtrak ser-
ence, applied technology and
diversity
and Kalamazoo's nearby
engineering,
declusines Parl
Him and commercial services.
- the superiority of a care-
and/tran
The Western Michigan
fully planned, environmentally
y in the
University Research and
sensitive site design, with prop-
decien's
Business Park offers
er development controls, and
Sle
some distinct advantages to
- compatibility with other
tenants, including:
tenants who are engaged in
- the desirability of south-
similar business and research
OF interstate
west Michigan's premier loca-
activities.
mazoria
tion for companies on the cut-
engths FOR
ting edge of technology and
S
urrounded by oak savan-
na, windswept grassland
and century-old trees, the
park's setting helps to generate
an atmosphere of innovation,
growth and vibrancy exactly
the kind of environment sought
by fast-growing. high-tech
companies.
WMU's Research and Busi-
ness Park will, in fact, include
firms engaged in research and
development, business ser-
DOWNTOWN
WEST MAIN ST. (M-43)
KALAMAZOO
vices, laboratory testing and
product development.
WESTERN
T
The 300-acre park will re-
flect a natural, environ-
US 131
MICHIGAN
mental approach to site
UNIVERSITY
planning and design. It is near
Asylum Lake, a natural pre-
serve, and is a neighbor of
Parkview Hills, an award-win-
STADIUM DR
ning. environmentally sensi-
tive, residential community.
BUSINESS PARK
WESTNEDGE AVE.
Canada geese, white-tailed deer
and red foxes are frequently
seen in the area.
WMU RESEARCH AND
I-94
KALAMAZOO
BATTLE CREEK
Regards
INTERNATIONAL
AIRPORT
MAR-11-1992
17:00
FROM KALAMAZOO CTY CHAMBER-CUB
TO
12024566218
P.18
recognized Institute for Water
Sciences, which undertakes
research, graduate education
and public service programs
in the study and preservation
of our nation's surface and
groundwater resources.
he new face of WMU
T
includes $100 million in
construction and reno-
vation, including the new
$20.1 million Haworth Col-
lege of Business building. The
college offers fully accredited
programs at both graduate and
undergraduate levels. Confer-
ences, presentations, large and
small meetings, focus groups
and teleconferencing may be
held at the Haworth facility
and the nearby Fetzer Center.
T
he University Libraries,
including the newly ren-
ovated and expanded
$27 million Waldo Library
and Computer Center Com-
plex, contain almost three mil-
lion volumes - the largest
collection in west Michigan.
With computerized databases
and a staff of professional li-
brarians. research materials
are easily accessible.
T
he University also par-
ticipates in the Michi-
gan Information Tech-
nology Network, which offers
educational programming and
access to more than 100
statewide centers, institutes
and programs via satellite TV.
MAR-11-1992 17:00
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natura location
to IVE blay
and
diverse
has
Many
boulevards of stately
hoods and historic di:
those
sleek, suburban subdi
harmaceuticals,
the region offers a wi
aments, injec-
of housing opportunit
test products and
Fear-round attrag
paper processing.
Y
clude professio
amateur theater
K
alamazoo County
boasts a population of
nies, a symphony, vis
over 223,000 with 23
name groups at WMI
percent of the adult population
Auditorium, and colc
over 25 having four or more
vals in picturesque B
years of college, a number sig-
Park. Additionally, th
nificantly above the national
classic aircraft and a
average.
ums, an art center an
Top firms like The Upjohn
nationally recognized
Company, Stryker Corpora-
200 Nature Center.
tion. Durametallic Corpora-
tion, Allen Test Products and
S
ports fans will e
Kalamazoo Wir
First of America Corporation
fessional hocke:
have established headquarters
There's also Western
here, while General Motors
has paid off. In recent years,
mazoo Valley Community
University's NCAA J
Corporation and James River
Kalamazoo County's average
College.
football, basketball, 1
Corporation operate major
SAT scores have significantly
manufacturing facilities.
exceeded the national aver-
age. The quality of the IC-
T
he thousands of people
and volleyball teams
who move here each
well-organized softb:
K
alamazoo County is
year are pleasantly sur-
ball. hockey and SOCK
also home to Borgess
gion's educational system is
prised at the cost and quality
for youth and adults.
Medical Center and
also reflected in the Kalama-
of housing. According to
USTA National Boys
Bronson Methodist Hospital.
ZOO Area Math and Science
1990 U.S. Census Bureau
18 Tennis Champion
Both are nationally recognized
Center. which offers advanced
data, the median price of a
Little League Girls V
for their state-of-the-art care,
courses for gifted high school
home in Kalamazoo County
ries are also held her
medical research services and
students in math, science and
was $62.800, which is consid-
there are 17 public a
specialized care units.
computers.
erably less than the national
golf courses, two ski
The public education sys-
I
n addition to primary and
median. From the tree-lined
cross-country ski trai
tem in Kalamazoo County is
secondary education, there
excellent. In its 79 schools, the
are several institutions of
teacher-to-student ratio is one
higher learning, including
teacher for every 18 students.
WMU, Kalamazoo College.
And that personal attention
Davenport College and Kala-
boulevards of stately neighbor-
lic parks, and many indoor
hoods and historic districts to
and outdoor courts for tennis,
sleek, suburban subdivisions,
one of the area's most popular
the region offers a wide variety
activities.
of housing opportunities.
T
he Western Michigan
Y
Fear-round attractions in-
University Research
clude professional and
and Business Park
amateur theater compa-
brings together a number of
nies, a symphony, visiting top-
unique advantages for tenants,
name groups at WMU's Miller
including an aesthetically
Auditorium, and colorful festi-
pleasing, environmentally
vals in picturesque Bronson
sensitive location; the educa-
Park. Additionally, there are
tional and cultural richness
classic aircraft and car muse-
and support of a major uni-
ums, an art center and the inter-
versity, and proximity to a
nationally recognized Kalama-
growing, progressive commu-
zoo Nature Center.
nity and lifestyle.
S
ports fans will enjoy the
Kalamazoo Wings, a pro-
fessional hockey team.
There's also Western Michigan
University's NCAA Division 1
football, basketball, hockey
people
and volleyball teams. And
each
well-organized softball, base-
sur-
ball, hockey and soccer leagues
quality
for youth and adults. The
to
USTA National Boys' 16 and
18 Tennis Championships and
of
a
Little League Girls World Se-
ounty
ries are also held here. Plus,
consid-
there are 17 public and private
golf courses, two ski resorts,
cross-country ski trails, 64 pub-
MAR-11-1992 17:02 FROM KALAMAZOO CTY CHAMBER-CVB TO
12024566218 P.21
CIVILIAN LABOR FORCE, EMPLOYMENT AND UNEMPLOYMENT ESTIMATES
NOVEMBER 1991 (Preliminary)
Civilian
Total
Total
unemployment
Area
Labor Force
Employment
Unemployment
Rate
United States
125.396.000
117.110.000
8,286,000
6.6
Michigan
4,564,000
4,153.000
411,000
9.0
Major Labor Markets
Ann Arbor MSA
168,800
158,100
10,700
6.3
Battle Creek MSA
53,700
58.200
5.500
8.7
Benton Harbor MSA
77,900
70,800
7.100
9.1
Detroit MSA
2.111,000
1,914.000
197.000
9.3
Flint MSA
187.000
165.400
21,600
11.5
Grand Rapids MSA
384,700
357.400
27,300
7.1
Jackson USA
64,300
58.300
6,000
9.4
Kalamazoo MSA
120.100
113,400
6,700
5.5
Lansing MSA
241.600
227.200
14,400
6.0
Lavest
Muskegon MSA
67.700
59,700
$.000
11.7
Saginaw-Bay-Midland MSA
188.600
174.000
14,700
7.8
memployment
Upper Peninsula LMA
142,400
125.700
16,700
11.7
in
Major Counties (18.000+)
Allegan
60.825
56,950
3.875
6.4
the
Barry
24,475
22,600
1,875
7.6
49.875
4,500
8.3
State
Bay
54.375
Cass
22.975
20,950
2.025
8.8
Clinton
31,025
29,025
2.000
6.5
Eaton
53,500
50,425
3.075
5.7
M
Grand Traverse
36,475
33.725
2,750
7.5
Gratiot
19.750
18,000
1,750
8.8
Millsdale
19.750
18,125
1,625
8.2
Ingham
157,050
147.725
9,325
5.9
Ionia
20.125
17,950
2.200
10.9
Isabella
32,775
30.775
2,000
6.1
Kent
281.275
260,475
20,800
7.4
Lapear
34.150
29.650
4,500
13.2
Lenavee
43,250
39.025
4,225
9.8
Livingston
54.925
50.250
4.675
8.5
Macomb
369,325
334,425
34.900
9.5
Marquette
30.925
27,600
3.350
10.8
Midland
37,075
34,450
2.650
7.1
Monroe
63,525
56.925
6.575
10.4
Montcalm
25.000
22,200
2.800
11.2
Oakland
565.050
523,750
41,300
7.3
Ottawa
103,475
96,925
$,550
6.3
Saginaw
97.200
89,675
7,525
7.7
St. Clair
65.775
58.550
7,225
11.0
St. Joseph
27.025
24,200
2.825
10.5
Sanilac
20.750
18,400
2.350
11.4
Shiawassea
35,075
31,200
3,875
11.1
Tuscola
25,550
22.825
2,725
10.7
Van Buren
33.825
30,375
3,450
10.2
Wayne
958,600
860,925
97.675
10.2
MICHIGAN EMPLOYMENT
POSTAGE AND FEES PAID
SECURITY COMMISSION
EMPLOYMENT SECURITY MAIL
7310 WOODWARD
LAB 448
DETROIT, MICHIGAN 48202
OFFICIAL BUSINESS
PENALTY FOR PRIVATE
KALAMAZOO CHM. OF COMMERCE
USE $300
P.O. BOX 1169
JOB
SERVICE
KALAMAZOO, MI 49008
Michagan Employment
NL 2
Security Commission
ADDRESS CHANGE
= Remove from mailing list
= Change as shown
Please send this form and attached label to the Michigan Employment Security Commission;
Bureau of Research and Statistics: 7310 Woodward Avenue; Detroit, Michigan 48202
ACTIVITY REPORT
DATE/TIME
3-11-92
3:54PM
LOCAL I.D.
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LOGO
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CCITT G3
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202 331 0275
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4249068
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9
LEGISLATIVE AFFAIRS
6:10PM
4'01"
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10
CCITT G3
6:33PM
3'14"
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11
2028610747
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2'42"
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CCITT G3
7:03PM
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13
CTR FOR SECTY POLICY
10:46PM
2'03"
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14
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9:32AM
2'06"
4
15
202 357 7009
9:36AM
2'59"
7
16
CCITT G3
11:17AM
0'36"
1
17
517 335 4656
11:25AM
13'41"
25
OP30/ OK
18
517 335 4656
11:44AM
23'07"
46
19
CCITT G3
12:08PM
13'34"
12
20
COITT G3
12:46PM
1'00"
2
21
517 3352521
1:05PM
7'04"
12
22
CCITT G3
1:17PM
2'06"
3
23
CCITT G3
1:42PM
1'26"
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OP32/ OK
24
12135466409
2:01PM
0'42"
1
25
8187582343
2:03PM
0'53"
1
4: 1
OP34/ OK
26
CCITT G3
2:05PM
5'53"
8
27
202 334 2158
2:11PM
2'16"
3
28
8187682343
2:31PM
1'03"
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29
MLK JR FED HOLIDAY C
2:35PM
1'04"
2
30
2014012405
3:03PM
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4
31
OPD
3:24PM
2'43"
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32
CCITT G3
3:30PM
1'30"
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33
CCITT G3
3:35PM
18'57"
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TOTAL
2:29'12"
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XEROX TELECOPIER 7020
Event: Kalamazoo, MI
Date:
3/10/92
OFFICE OF PRESIDENTIAL ADVANCE
IN-TOWN EVENT CONTACT SHEET
Name
Office
Phone Number
Presidential Advance Office
456-7565
Presidential Advance Fax Number
456-2820
John Michile Nix Hemck Patncia Conved
WH Avance
202.456.7565
WH Speechwitting
202-456-7730
PETER GAILLARD
TRUDU CLARK
WH ADVANCE PRESS FAIRFIELD INN 344-8300
WHCA head
Faurfield Inn 344-8300
mark BARNETTER
WHITE House COMMUNICATIONS AGENCY
202-757-2440
ROB CREAMER
MARINE ONE
703 640 2364
Harry Carmitchel
Stryker
616329-2100
DAVID SIMPSON
STRYKER
616-385-2600
Mike Gould
AF Aide to the President
202-395-1747
Iennis mcCarthy
U.S. Secret Service - Gannd Rapids - 616/456-2276
Thomas F Farrent
us. Secret Service-PPD/AIAIC/DO2-395.401
Dick Grossenbactor U.S.S.S. Grand Rapids 456-2276
DON BALBERCHAK
usss/PPD
344-8300
Gary I Morton
Stryker- Facilities
329-2100 (x117)
Stryker Planning Dept.
6163291767
P.01
stryker
Medical
6300 Sprinkle Road
Kalamazon, Michigan 49001-9799
(616) 329-2100
(600) 327-0770
FAX: (616)3292300
M
Date
Sent March 12, 1992
Fax Number:
202 456-6218
Attention: GARY
Company:
WNITE HOUSE
From: Tim Simonson
Stryker Medical
Number of pages
(including fax transmission pages
SIX
Massages
Thanks
Stryker Planning Dept.
6163291767
P.02
1.
March 12, 1992
DISTRIBUTION
John W. Brown
8:45 a.m.
Harry E. Carmitchel
Stephen Si Johnson
DRAFT
Jan Rabbers
Tim Simonson
STRYKER CORPORATION
John W. Brown, Chairman, President and
Chief Executive Officer
Founded by Dr. Homer Stryker in 1941
2,669 Employees Worldwide / 745 in Kalamazoo
1991 Sales $365 Million
1991 Sales Growth 30%
15 Years of 20%+ Profit Growth
International Sales 31%
Stryker Planning Dept.
6163291767
P.03
2.
OSTEONICS DIVISION
517 Employees
Allendale, New Jersey
1991 Sales $150 Million Worldwide
1991 Sales Growth 22%
State-of-the-Art Orthopaedic Products
Hip Implants
15% U.S. Market Share
Knee Implants
6% U.S. Market Share
Pioneer in Hydroxylapatite-Coated Implants
Market Leader in Hip Implants in Japan
Stryker Planning Dept.
6163291767
P.04
3.
ENDOSCOPY DIVISION
468 Employees
San Jose, California and Arroyo, Puerto Rico
1991 Sales $75 Million Worldwide
1991 Sales Growth 65%
Arthroscopy
19% Market Share
Laparoscopy
14% Market Share
The World Standard in Medical Video Systems
Stryker's Fastest Growing Business
Stryker Planning Dept.
6163291767
P.05
4.
INSTRUMENTS DIVISION
585 Employees
Kalamazoo, Michigan and Arroyo, Puerto Rico
1991 Sales $80 Million Worldwide
1991 Sales Growth 25%
High Quality Precision Surgical Instruments
37% U.S. Market Share
Innovator in Battery Powered Instruments for Large
Joint Surgery
Post-operative Blood Reinfusion System
40% U.S. Market Share
Building a Larger Facility in Kalamazoo
Stryker Planning Dept.
6163291767
P.06
5.
MEDICAL DIVISION
450 Employees
Kalamazoo, Michigan
Clackamas, Oregon
Uden, The Netherlands
1991 Sales $60 Million Worldwide
1991 Sales Growth 25%
Specialty Stretchers and Beds for Hospitals
30% U.S. Market Share
Innovative Patient Handling Solutions
200 Best Small Companies
Forhes
How we define the best
Both growth investors like John Templeton and value
million and $350 million. Firms with declining sales and/
players like Warren Buffett could probably find some
or earnings were automatically screened out, as were
interesting stocks below. While the 200 Best Small Com-
stocks priced under $5. To ensure reasonable liquidity,
panies in America must show consistent increases in
we eliminated stocks with fewer than 1 million shares
sales, earnings and return on equity during the past five
outstanding or average daily trading volume of under
years, we also apply value criteria, including a require-
1,000 shares. We also dropped limited partnerships, real
ment that long-term debt not exceed total stockholders'
estate investment trusts and banks. Raw data come from
equity.
Los Angeles-based William O'Neil & Co., 1991 earnings
How did we pick the 200? We began with all publicly
estimates from the Institutional Brokers Estimate
traded U.S.-based corporations with sales between $5
System.
The 200 Best Small Companies in America
Return on equity
5-year
Latest 12 mos
Debt/
Quick
Recent
Market
Latest 12 mos
Est
Rank
5-year
latest
EPS
sales profits
equity
ratio¹
stock
value²
EPS
P/E
1991
this
last
average
12
growth
($ mil) -
price
($ mil)
EPS
year
year
Company/business
mos
rate
108
115
Stryker
16.8%
19.5%
23%
$342
$28.8
1%
2.00
$27
$1,283
$0.62
43.5
$0.64
powered surgical istruments
Ranking The 200 Best Small Companies
Where They Rank
Company
Exch
Ticker
5-year
Sales
Profits
Market
5-year
Sales
Profits
Market
symbol
average
($mil)
($mil)
value*
average
value
ROE
($mil)
ROE
108
1
19
7
Stryker
0
STRY
16.8
342
28.8
1,283
The 200 Best Small Companies' Chief Executives
Chief Executive
Age
Years
Undergraduate
College
Compensation (000)
Stockowned
Company
with
as
graduate
degrees
salary
other
stock
total
%
mkt val*
CO
CEO
college
+ bonus
gains
(000)
John W. Brown
57
15
15
Auburn
BS
440.0
22.0
-
462.0
4.78
61,271
Stryker
THE 200 BEST SMALL COMPANIES
John Brown's Stryker Corp. has grown at better than 20% a year
since he joined the company in 1977. For how much longer?
Forever, replies the ebullient Brown.
Focus through
decentralization
By Zina Sawaya
HOMER STRYKER'S cleverness nearly
bile. He soon won a contract to sup-
What to do? More of a doctor and a
got the better of him. Fifty years ago
ply the beds to the Army, and his little
tinkerer than a businessman, Stryker
the Kalamazoo, Mich. orthopedist in-
business was off and running. But
turned to professional managers.
vented a mobile hospital bed with a
when World War II ended, the gov-
They started selling the beds-techni-
frame that pivoted from side to side so
ernment canceled its contract, and
cally known as stretchers-to hospi-
that doctors could position injured
Homer Stryker was stuck with huge
tals. The business was saved, and Dr.
patients while keeping them immo-
inventories.
Stryker continued with his medical
practice and his inventions.
Michael Abramson
Soon he came up with a
second product-a cast
cutter, still used in hospitals
today, which removes casts
without ripping a patient's
skin.
These days Stryker Corp.
continues to churn out new
ideas for the hospital mar-
ket. The Kalamazoo-based
firm-which has made our
list of the 200 Best Small
Companies in America for
ten years straight-now of-
fers an array of niche prod-
ucts, including bone drills
and saws, hospital beds, hip
implants and video cameras
for internal surgery.
Stryker earned $24 mil-
lion last year (before a $10
million gain from a patent
settlement) on revenues of
$281 million. With a five-
year average return on eq-
uity of 16.8%, Stryker ranks
108 on 1991's Best Small
Companies list.
The man behind Stry-
ker's success is John Brown,
a 57-year-old Tennessean
who took over as president
in 1977. An Auburn Uni-
Stryker Corp. Chief Executive John Brown
versity graduate, Brown
Decentralization, diversification and a fixation on 20% growth.
came to Stryker after Ho-
mer's son, Lee Stryker, who
Forbes
November 11, 1991
THE 200 BEST SMALL COMPANIES
had run the company since the mid-
the quarterly growth chart posted in
expenses, to about $25 million this
Sixties, died in a plane crash. Prior to
his plant's hallway indicates, he
year. While the salespeople bring back
Stryker, Brown ran a subsidiary of
brought the division up to snuff.
specific requirements for product im-
Bristol-Myers Squibb that made sur-
Brown's divisional strategy has
provements, a staff of more than 150
gical instruments.
proved critical as Stryker's product
does the actual engineering and de-
While Stryker had a well-estab-
line has grown more complex. Instead
sign work in Stryker's labs. The com-
lished niche in the hospital market,
of one sales force peddling everything
bination keeps Stryker's product line
the company was not without prob-
from maternity beds to high-tech ma-
growing. Half of Stryker's current
lems. When Brown took over, the
chinery, each division now has its
products were introduced in the last
family-owned firm was still reeling
own, often highly trained, sales staff.
five years.
from Lee Stryker's death and recover-
"It's achieving focus through decen-
Another hot new product is a tiny,
ing from a couple of managerial fum-
tralization," says Brown.
$18,000 video camera used with a
bles. Most members of its sales force
The specialized sales teams also
laparoscope for gall bladder surgery.
had quit after their compensation sys-
helped Stryker better meet its cus-
Rather than making a major abdomi-
tem was changed from commissions
nal incision, the surgeon punctures
to salary. And an unrelated disagree-
the abdomen and inserts a laparos-
ment with union officials over work-
ers' salary had led to a monthlong
Michael L Abramson
cope-a long instrument used to peer
inside the abdominal cavity. Aided by
strike. (Stryker's workers have since
the camera, which projects a clear and
voted out their unions.)
accurate image on a large color
Brown's first moves were to estab-
screen, the surgeon can swiftly re-
lish a formal budgeting system, cut
move the gall bladder. Instead of a
costs and rebuild the sales force-by
two-week hospital stay, the patient is
putting it back on commission. He
out the next day. Pressure to hold
then turned his focus to the com-
down health care costs have made this
pany's product line.
a brisk seller.
"Stryker's name was bigger than
Brown may use some of the com-
the company," recalls Brown. At the
pany's $64 million in cash for acquisi-
time, nearly 70% of Stryker's revenues
tions. But chances are it won't burn a
was coming from hospital beds. Le-
hole in his pocket. Over the past five
veraging the strength of Stryker's
years Brown has spent only $15 mil-
name with hospitals, Brown added
lion. He points to Stryker's acquisi-
hip implants and medical video cam-
tion of Osteonics Corp., a maker of
eras, and beefed up his line of surgical
hip implants, as a model. When
power tools. Stryker's surgical group,
Stryker acquired it in 1979, Osteonics
which includes these products, makes
Assembling a surgical drill
had a promising new product and
up over 80% of the company's sales
Listening to doctors for new ideas.
zero sales. Stryker's Osteonics divi-
and most of its profits.
sion is now one of its most profitable
Next, Brown broke the company
operations. Says Brown: "We buy
into several divisions, allowing each to
tomers' needs. Stryker's salespeople
ideas, not companies."
operate autonomously. Autonomy
act as a de facto research and develop-
Stryker has been public since 1979,
for the managers was not the same
ment team. As such, most of the
when the Stryker family decided to
thing as freedom. Brown told them
company's new product ideas come
sell stock to free up some of its assets.
that he wanted each division to grow
from salesmen standing in the operat-
Its o-t-c-traded shares have since risen
at no less than 20% annually. "That's
ing room next to the physician. There
twofold, to a recent 28½. (The family
the law," says the soft-spoken but
they can observe the doctor in action,
still owns 24% of the company, worth
iron-willed Brown. A law he has suc-
write down his comments and come
$325 million.)
cessfully enforced. Stryker has posted
up with ways to improve a saw, a hip
This year Cowen & Co. health care
20%-plus earnings growth every year
implant or a hospital bed.
analyst Daniel Lemaitre expects
since 1977.
Case in point: Eye surgeons kept
Stryker to earn $31 million, or 65
Brown uses a sort of friendly intimi-
complaining about a bed's lack of
cents a share, on revenues of $360
dation to get his message across.
flexibility at the head level. It was
million. With the stock at a hefty 44
"When I inherited the medical divi-
hard, they said, to position a patient's
times expected 1991 earnings, the
sion, sales were flat," says Harry Car-
head. Stryker people took note. Next
market seems to think Brown can
mitchel, who was hired in 1987 to run
year the company will roll out a bed
maintain Stryker's impressive growth
the lagging hospital bed operations.
with a movable head rest-an incre-
rate for the foreseeable future.
"My first month, he [Brown] comes
mental change but an innovative one,
For his part, Brown insists that he
up to me and wants to know why it's
and one that will bring higher margins
has no intention of letting up on his
not growing already." Carmitchel in-
than the standard bed.
ambitious growth goals. "It's not just
troduced a series of new products and
Since 1986 Brown has almost qua-
20% this year," he says. "It's 20%
strengthened his sales force. And as
drupled research and development
forever."
Forbes
November 11, 1991
Split
Forbes
December 9. 1991
SIR: Re "Focus through decentraliza-
tion" (Nov. 11). The article states that
Strvker's shares have risen twofold to
a recent $28.50 since becoming a
public company in 1979. Strvker's
shares have risen forty-one-fold after
taking into account six stock splits
since 1979.
Chairman and Chief Executive Officer
-JOHN W. BROWN Strvker Corp.
Kalamazoo. Mich.
Reprinted by permission of Forbes magazine, November 11, 1991.
©Forbes Inc., 1991
MAR 12 '92 11:46 FROM MICH INTL OFFICE
PAGE.001
STATE OF MICHIGAN
International Office
Michigan Department of Commerce
525 W. Ottawa, P.O. Box 30225
Lansing, Michigan 48909
Telephone: (517) 373-6390
Facsimile: (517) 335-2521
DATE:
March 12, 1992
PACE: 1 of 1
TO:
Gary Gershowitz
White House Researcher
FROM:
Pat Vander Voord
Senior Trade Specialist
COPIES TO:
Fax #: (202) 456-6218
SUBJECT: Michigan Export Info.
Urgent
Normal
FYI Only
Respond By:
Gary:
Finally got the following data from Ed Christie, Acting Director, USDOC Detroit
Regional Office. His telephone is (313) 226-3650.
Latest figures re transportation equipment:
Total Michigan production:
$68 B
Total Michigan export of
transportation equipment
8B
Represents 12.5 % of total
12.5%
transportation equipment
manufactured in Michigan.
31,000 jobs directly related
to transportation equipment
exports.
Michigan transporation
equipment manufacturers
689.0
Michigan transporation
equipment manufacturers
considered small businesses
employing fewer than 500.
629
Best regards,
Cat
U.R. DEPARTMENT OF company
FAX COVER SHEET
The Office of Automotive Industry Affairs
VI
0-0
000
TRADE
U.S. Department of Commerce
Date
Please Deliver the Following Pages To: Gavy Genshowitz
Please call:
for pick-up.
FAX Number:
:
Telephone:
Company:
From:
AL Warner
Remarks:
See attached
We are transmitting 2 pages (including this cover sheet).
If you do not receive all the pages, please call as soon as
possible. H. Misisco (202) 377-0554
Motor Vehicles (202) 377-0669
Parts (202) 377-1418
FAX # (202) 377-0674
P.2/2
MAR 12 '92 08:35AM
Gary,
Census didn't have exactly what you wanted. (I checked a number
of possible sources and they all said that Census was the only
possible source.) The closest Census could come was a category
called Transportation Equipment which includes more than motor
vehicles. For Michigan they reported exports of $10.7 billion in
1990 and $12.96 billion in 1989 (1991 isn't available yet).
Production numbers are even not available for 1990 or 1991. The
best they could do was 1989 when $69.8 billion was produced in
the Transportation Equipment category. Sorry, it's as good as we
can do.
all
Al Warner
377-0669
2/I'd
MAR 12 '92 08:34AM
Regulatory Climate for Health Care Technology Deteriorating
Background
The health care technology industry, composed principally of smaller companies, invests
an average 6.3 percent of revenues in research and development -- about double the national
manufacturing average. A key determinant of the industry's ability to help patients and
compete in the world is the environment fostered by the industry's chief regulator, the Food
and Drug Administration.
1. Premarket Review of New Technologies
FDA's premarket review process seems in the early stages of a structural deterioration
that is delaying product approvals and could cause a U.S. device lag for years to come. The
agency's own data, which many believe is understated, shows nearly 20 percent increases in
the review periods for both breakthrough and incremental innovations. The number of
breakthroughs approved in fiscal year 1991 is expected to fall by more than 40 percent.
FDA should not require factory inspections as a prerequisite to clearance of incremental
technologies. Though manufacturers are subject to inspection at any time, FDA is now
considering making completion of an inspection a prerequisite to clearance of incremental
technologies under the so-called 510(k) premarket review process. Such a requirement could
result in devastating delays in patient access to improved technologies. (A similar requirement
is a major cause of the projected 40 percent decline in the number of breakthrough approvals
in fiscal 1991.)
FDA should clarify its new "clinical utility" requirement for approval of breakthrough
technologies. Ambiguities in this requirement may further delay product reviews. More
generally, FDA's reviews should be coordinated with those of two other agencies within HHS
that review technologies for purposes of Medicare approval, the Health Care Financing
Administration and the Agency for Health Care Policy Research. Despite the similarity in the
showing a manufacturer must make to each of these agencies, there is little indication of
awareness -- let alone deference or coordination -- among FDA and the other HHS reviewing
entities.
FDA should allocate its resources in a balanced manner which reflects the two -- equally
important -- missions of ensuring public access to life saving technologies and enforcing strict
standards of safety and effectiveness. The device industry is unique among FDA-regulated
industries in functioning under a statute that authorizes civil penalties, recalls, and subpoenas
-- enforcement tools that exert a powerful deterrent effect. But the neglect of the approval side
of the equation poses a threat equally serious. Beyond this, FDA should have adequate
appropriations -- a need particularly acute now because the agency must divert existing
resources to implement more than 15 sets of regulations under the Safe Medical Devices Act of
1990 (SMDA). According to FDA, implementing a relatively minor provision of the new law
caused 510(k) reviews to lengthen by 15-20 days.
2. SMDA Implementation
Device Tracking
SMDA requires FDA to issue regulations specifying how manufacturers should
"track" certain technologies over the life of the patient or product. In mid-October,
FDA released a listing of the actual product types that the agency proposes be subject
to tracking.
This new information allows more precise estimates of the costs of the proposal
to industry. FDA's own analysis identifies the adverse effects on small companies,
finding that "while the number of affected small manufacturers is not large, the
impact is, and therefore the agency expects that there will be some manufacturers
who will leave the market."
The costs of device tracking to industry should be carefully evaluated.
Hospital Reporting
Beginning in late November, SMDA requires hospitals and other health care
providers to report alleged device problems to manufacturers and, in some cases,
directly to FDA. Under SMDA, manufacturers are responsible for evaluating the
reports that come to them and deciding whether they warrant being passed on to the
agency. Thus, the law intended manufacturers to play a useful screening role by
helping to limit the number of unnecessary reports FDA receives.
At the same time, FDA's existing Medical Device Reporting (MDR) regulations.
require a manufacturer to report to FDA any time the manufacturer receives a
statement from a health care professional that reaches a conclusion that alleged device
problems have occurred. Since FDA contends that under MDR a variety of hospital
and other provider personnel (including those not directly involved in the adverse
incident) should be considered health care professionals, manufacturers will
effectively be required to send most if not all the new hospital reports to FDA,
thereby converting an information screen into an information floodgate.
Upon the effective date of hospital reporting, FDA should eliminate the MDR
requirement that manufacturers report all statements by health care professionals.
3. Summary Point
Unless arrested, the deteriorating regulatory environment could:
slow delivery of life saving technologies;
increase costs to bring innovations to market to the point where smaller companies
will leave the market (diminishing competitiveness, increasing foreign ownership);
squander scarce R & D resources, slow rate of innovation in one of the nation's
most globally competitive industries.
FDA ACTION ON SILICONE GEL BREAST IMPLANTS
IMPACT ON U.S. DOMESTIC EMPLOYMENT
JOBS
INCOME
ANTICIPATED
TOTAL POTENTIAL
ALREADY
PER
OTHER
EMPLOYMENT
LOST
EMPLOYEE
CUTS
LOSS
BIOPLASTY 130
$20,000
70
200
MENTOR
120
$25,000
50
170
DOW
137
$29,000
160
CORNING
23 sales reps
McGHAN
0
$20,800
215
215
TOTAL POTENTIAL
EMPLOYMENT LOSS
745
TOTAL POTENTIAL
INCOME LOSS
$14,072,000
BIOPLASTY
Since the breast implant investigation started, Bioplasty has cut approximately 130 jobs, out of
a total of 200 (i.e. approximately 65% of total employment). At approximately $20,000 per
year, this amounts to a total payroll loss of over $2,600,000.
Were the FDA to continue the current moritorium, or require an IDE, Bioplasty would very
likely exit the silicone implant business entirely. Whether or not this would entail the loss of
the remaining 70 jobs would depend on whether Bioplasty could get FDA approval for a new
product called "Misty Gold" which was developed to address some of the problems identified
with silicone gel implants. Misty Gold is currently "pigeonholed" by FDA. Bioplasty has
filed a second appeal, but can get no response from FDA. Although technically the product
could be marketed pending appeal, Bioplasty won't take the risk because of the enormous
liability in the current environment.
This makes the point that, in addition to eliminating employment in current generation
products, the current regulatory environment has a further "chilling effect" on potential
employment in next-generation products and thus precludes the structural adjustment which is
necessary to keep jobs from disappearing entirely.
MENTOR
Mentor employs 300 persons in its breast implant division, out of total employment of 800.
Starting with the initial round of deficiency letters, Mentor laid off 60-70 employees. With the
announcement of the moritorium on January 6, they laid off 50 more, for a total of
approximately 120. At an estimated $25,000 yearly payroll per employee, this amounts to a
$3,000,000 loss to the local economy. (See attached local press accounts).
Should the FDA require an IDE for silicone gel implants, or extend the current moratorium
(which Mentor believes is all but inevitable) Mentor would exit the business, with the attendant
loss of 50 more jobs (for a total of 170).
DOW CORNING
Dow is in the process of exiting the silicone gel implant business. This will entail closing
down the whole plastic surgery line, since the remaining products do not generate sufficient
volume. A total of 137 jobs are being cut, with a cost to the local economy of over
$4,000,000. In addition to Dow Corning manufacturing employment, commission agents who
sell the product are now in the process of releasing 23 salesmen, bringing total lost
employment to 160.
MCGHAN
McGhan has 215 employees in the silicone breast implant business, which until now has been
the company's total business. McGhan has not yet cut any jobs, because they are making a
major effort to switch to saline implants. McGhan views future employment as an "all or
nothing" proposition. Anything short of a complete endorsement of the product's safety by
FDA would leave the company so vulnerable to the plaintiff's bar that they could easily be
forced to exit the business entirely. At approximately $20,800 per employee, the cost to the
economy would be almost $4,500,000.
03/11/1992 15:43 FROM STRYKER CORPORATION
TO
12024566218 P.01
stryker
CORPORATION
2725 Fairfield Road
DAVID J. SIMPSON
Kalamazoo, Michigan 49002
Vico President,
Chief Financial Officer
Mail to: P.O. Box 4085
and Secretary
Kalamazoo, MI 49003 4085
(616) 385-2600
March 16, 1992
Mr. Gary Gershowitz
Office of Speech Writing
The White House
Via Fax #202/456-6218
Dear Mr. Gershowitz:
This is to confirm that Stryker Corporation had international sales of
$111,000,000 in 1991 which represented 31% of our overall sales.
I would also like to confirm that Stryker Corporation was founded by
Dr. Homer Stryker, an orthopaedic surgeon, in 1941.
Attached are the relevant pages from our employee handbook relating to
Stryker's Drug Free Workplace Policy. The employee assistance program noted
in the handbook is covered by our health insurance program.
Very truly yours,
STRYKER CORPORATION
Dave Ampia
David J. Simpson
Vice President, Chief Financial
Officer and Secretary
DJS/pjp
Attachments 1 Pages)
03/11/1992 15:43 FROM STRYKER CORPORATION
TO
12024566218 P.02
DRUG-FREE WORKPLACE POLICY
Stryker has a strong commitment to providing a safe working environ-
ment for all of our employees. As employee substance abuse can endan-
ger the safety of employees and the community in which we work, we
support the goal of a drug-free workplace including prohibiting the
unlawful manufacture, distribution, possession, or use of any controlled
substance, drug, alcohol or related products in the workplace. Stryker in-
tends to comply with the laws and regulations pertaining to a drug-free
environment (including the provisions of the Drug-free Workplace Act,
D.O.D., D.O.T., and other federal agency requirements). We will do so
while upholding our company values of treating employees with dignity
and respect.
As employees, we are each responsible for understanding and abiding
by Stryker's policy pertaining to a drug-free workplace, including notify-
ing Management of any criminal drug statute conviction occurring in the
workplace no later than five days after the date of conviction. We are
also responsible as individuals for obtaining professional help to deal
with substance abuse problems. Employees needing assistance are
urged to contact a representative in the Human Resource Department for
guidance into a professional Employee Assistance Program (EAP).
Any employee whose job performance, in the judgment of Management,
is affected by alcohol or substance abuse, or who poses a threat to
themselves or to a third party, and who refuses to participate in a testing
or treatment/rehabilitation program, or who is convicted of a criminal
drug statute, will be subject to corrective action up to and including
discharge.
-16-
EMPLOYEE ASSISTANCE PROGRAM
A number of work related and personal problems may impact upon an
employee's job performance. Understanding this, the Company, utilizing
the professional services available locally, has established an Employee
Assistance Program.
The Employee Assistance Program is designed to provide a professional
referral and assessment service for an employee experiencing family,
marital, financial, emotional, alcohol or other substance abuse problems
that are adversely affecting your job performance, or work attendance.
This confidential service can be utilized by contacting a Human Resource
Department representative, who will make the necessary appointment
for the employee with an employee assistance counselor. This counselor
will assist you in identifying and evaluating your problems and refer you
to programs in the community which are effective in addressing the
respective condition or problem.
03/10/1992 16:02 FROM STRYKER CORPORATION
TO
12024566218 P.03
TO OUR STOCKHOLDERS
It gives me great pleasure to report that 1991 was an excellent year for Stryker
Corporation. Net sales climbed to $365 million, a 30% advance over 1990. Net
earnings reached $33 million, a 40% increase over our 1990 earnings before the
extraordinary gain recorded last year. On this same basis, our earnings per share
of $.70 also represented a +0% increase.
In 1991, for the fifteenth consecutive year, we reached our stated goal of 20%
2
annual growth in earnings - indeed, we outpaced it by a comfortable margin.
SURGICAL GROUP
Our Surgical Group comprises three divisions: Endoscopy, Osteonics and
Instruments. All three are technology leaders, and their leadership was once
again rewarded by the market in 1991, as Surgical sales advanced 31%.
Endoscopy
Stryker Endoscopy produces high-quality video cameras, scopes, light sources
and instruments for use in less-invasive surgical procedures. This division
initially focused exclusively on arthroscopy equipment for the orthopaedic
surgeon operating on the knee, and it continues to play a leading role in this
market. But in the past two years, Endoscopy has successfully broadened its
focus to include laparoscopic equipment for the general surgeon.
The market for laparoscopic equipment grew at a truly explosive pace during
1991, as a great many general surgeons learned and applied innovative, less-
invasive techniques. Already, of the 550,000 cholecystectomies (gall bladder
removals) performed in the U.S. in 1991, over half were less-invasive
procedures.
Stryker was in an excellent position to participate in the new laparoscopic
cholecystectomy market. Because of our arthroscopy business, we already
supplied the only medical video system on the market to deliver a broadcast-
quality image. The resolution and color clarity of our 777 3-Chip Camera
remain unrivaled to this day.
For several reasons, we anticipate continued growth in the endoscopy market.
First, less-invasive techniques are gaining acceptance for a considerable number
of surgical procedures - a number that will grow as medical technology
continues to evolve. Second, growth is likely to be patient-driven: patients will
demand a procedure that gets them back to normal life in a matter of days rather
03/10/1992 16:02 FROM STRYKER CORPORATION
TO
12024566218 P.04
than open surgery that entails a long, uncomfortable period of recuperation.
Finally, growth in this market is already global in scope.
We expect the general endoscopy market to evolve in the 1990s much as the
arthroscopy market did in the last decade. The entry of numerous suppliers will
result in excess capacity and, ultimately, a market consolidation. We know how
to prevail under these conditions. As in the past, our keys to success in the 1990s
will be keeping our technological lead and staying market focused.
3
Osteonics
Orthopaedic implants from Osteonics registered solid sales growth in 1991.
Hydroxylapatite (HA) was one of the most exciting stories of 1991. During the
year we launched the first HA-coated hip stem to be released commercially in
the U.S. We believe that surface treatment with hydroxylapatite will prove to be
a major stride toward faster patient rehabilitation and improved implant
longevity. Following the receipt of FDA permission late in 1990, we first
released HA on our Omnifit hip stem. In mid-1991 we received FDA permission
to release HA on our Omniflex hip, which is the state-of-the-art prosthesis for
younger and more active patients. We launched the HA-coated Omniflex hip in
September.
During 1991, Osteonics also introduced a low friction ion treatment (LFIT) for
the cobalt chrome bearing surfaces of both hip and knee implants. Polyethylene
wear debris is believed to be a major cause of implant loosening. LFIT
technology decreases the friction between the cobalt chrome and polyethylene
components of an implant, thereby reducing polyethylene wear.
In 1991 Osteonics also introduced a new hip stem that is designed specifically
for revision surgery.
Instruments
This division produces top-of-the-line surgical instruments such as bone saws
and drills, as well as other operating room equipment for use in orthopaedic
surgery.
The CBC-ConstaVac Blood Conservation System continued to be a great
success for Stryker Instruments in 1991. This system collects blood lost after
joint replacement surgery and makes it available for reinfusion in the patient.
03/10/1992 16:03 FROM STRYKER CORPORATION
TO
12024566218 P.05
Stryker Instruments also realized substantial growth in the sale of battery-
powered heavy-duty surgical instruments. Its latest generation of these products,
System 2000, rapidly gained favor with surgeons around the world.
MEDICAL GROUP
I am especially pleased to report the turnaround at Stryker Medical, which pro-
duces specialty beds and stretchers. After several years of rethinking and re-
tooling, this division is once more contributing to Stryker's overall growth. Our
stretcher sales were up sharply in 1991, as numerous hospitals turned to Stryker
for our Renaissance Series products, which were introduced in the last two years.
Medical Group sales, which include results of our Physiotherapy Associates
subsidiary, increased 25% in 1991.
Stryker's strong sales organizations in the Pacific, Europe and the Americas
distribute our products in every one of the world's markets. International sales
volume increased 35% in 1991 and accounted for 31% of our overall sales for
the year, as compared to 29% in 1990. We are gradually nearing the day when
our international sales volume will equal our domestic sales.
Japan is our largest market outside the U.S. In 1991 we were pleased to extend
our long-standing relationship with Matsumoto Medical Instruments, Inc.,
which is the largest distributor of medical devices in Japan. As well as being our
largest customer, Matsumoto has truly become our business partner. This
relationship has helped make Stryker the leading hip implant company in Japan,
and I am especially pleased that Matsumoto began distributing our knee
implants in Japan on January 1, 1992.
In Europe, the creation of a dedicated sales force for endoscopy products has
helped us achieve substantial growth in sales. Our Osteonics line continued to
sell very well in Europe. In France, which has been a very strong market for
Osteonics products, we released our HA-coated knee implant during 1991. We
are concerned, however, about forthcoming price limitations in the French
implant market. In Italy, where we were already a market leader, the successful
launch of our electric heavy-duty powered instruments led to further gains.
03/10/1992 16:04 FROM STRYKER CORPORATION
TO
12024566218 P.06
Stryker Americas had an excellent year. In Canada, our direct sales force is
gaining momentum in penetrating the hip and knee implant markets as well as
in expanding sales of our instruments, endoscopy and medical product lines.
Throughout Latin America, and especially in Mexico and Puerto Rico, our
Osteonics and endoscopic systems continue to be well received in these
extremely cost-conscious markets.
5
SAPLINGS AND SENDLINGS
We have gone to some lengths to make sure that, like a healthy forest, Stryker
Corporation always has a good mix of saplings and seedlings growing up among
its taller trees. Physiotherapy Associates is one of our sturdier saplings. This
organization now comprises 27 physical therapy clinics located primarily in the
Southeast. The clinics focus on returning patients to work and play following
injury or orthopaedic surgery.
Our dental implant business is growing fast. In terms of fixation and comfort,
dental implants are a great improvement over dentures. Stryker Instruments is a
leading producer of low-speed drills for oral surgeons. In 1990 we acquired a
high-quality system of dental implants that we had already been marketing in
conjunction with our drills. In 1991 we increased our dedicated dental implant
sales force by 30%.
Finally, I am delighted to report the 1991 formation of our newest division,
Stryker Biotech, and the appointment of Samuel Yin, Ph.D. as its director. This
new division is the outgrowth of long-term research into human osteogenic
protein that has been funded by Stryker and conducted by Creative
BioMolecules, Inc., a privately held biopharmaceutical company based in
Hopkinton, Massachusetts. Human osteogenic protein occurs naturally in the
human body and is directly implicated in a cascade of cellular events that result
in bone growth.
In November 1991, the Food and Drug Administration approved an
Investigational Device Exemption (IDE) for Stryker to begin human clinical
trials of our Osteogenic Protein Device. This bone growth device is composed
of a human recombinant osteogenic protein (OP-1) and a bioresorbable carrier
to provide a scaffold for bone growth. In pre-clinical studies, the Osteogenic
Protein Device has induced the formation of new bone when implanted into
bone defect sites. The human clinical studies, which began in 1992, will
compare the efficacy of the Osteogenic Protein Device to autografts in the
repair of non-union fractures.
03/10/1992 16:05 FROM STRYKER CORPORATION
TO
12024566218 P.07
LOOKING AHEAD
As the day rapidly approaches when Stryker will become a Fortune 500
company, we remain firmly committed to the principle that has brought us this
far: growing big by thinking small. We are a highly decentralized company
composed of small, highly focused and autonomous operating units. Our
experience has confirmed that managers in small, focused teams will devote
exceptional amounts of time and energy to becoming market leaders. We will
7
retain this small-company vitality even as we grow larger as a corporation. The
key is to keep our management organization as flat as possible and to split off
small, independent business units as our existing divisions grow larger.
We are fortunate in having talented, ambitious people at the head of all our
divisions - - people who rise to great expectations. In fact, at all levels of our
organization, both in the U.S. and abroad, the people of Stryker are reaching
higher and achieving more.
Our belief in the future is reflected in the size of our commitment to research
and development, which topped $23 million in 1991 and will be higher yet in
1992 and beyond. That is the price of leadership - a price we pay with full
confidence that the medical markets will continue to show a powerful appetite
for products that are innovative, cost-effective and high in quality.
Jhnn Bown
John W. Brown
Chairman, President and Chief Executive Officer
03/10/1992 16:06 FROM STRYKER CORPORATION
TO
12024566218 P.08
STRYKER ENDOSCOPY
The World Standard in Medical Video Systems
JUST A FEW YEARS AGO, A PATIENT AWAITING
world, the spread of laparoscopy has been
gall bladder surgery could expect a four to
virtually instantaneous. Stryker has filled
eight day hospital stay followed by a full
orders for laparoscopic equipment not only
month's convalescence at home. Today,
from Western Europe and Japan, but also
thanks to a less-invasive surgical procedure
from Taiwan, the Phillipines, Mexico, Saudi
known as laparoscopic cholecystectomy, this
Arabia, Singapore and Poland.
S
same patient can expect to go home after a
day in the hospital and to return to work
While developing new customers among
within a week. This procedure enables a
general surgeons, Stryker Endoscopy
surgeon to remove the gall bladder with just
continues to gain share in the arthroscopy
four small punctures in the abdomen. By
market, where its product line includes
sparing the patient the trauma and pain of a
arthroscopes, powered instruments, manual
major incision, laparoscopic cholecystec-
instruments and light sources, as well as a
tomy also saves the health insurer the costs
range of micro-video systems. In 1991,
of a prolonged hospital stay and frees the
Stryker's arthroscopy business grew at
employer from the burden of an extended
roughly twice the 12% pace of the overall
employee absence.
arthroscopy market. The Company now
ranks second in this $200 million market.
The U.S. laparoscopic market reached $650
million in 1991, and it is the fastest growing
In 1991, Stryker introduced the SE4
market segment in which Stryker participates.
arthroscopy power system, a fourth
Stryker's competitive edge in this market is
generation of these surgical instruments
the unmatched quality of its medical video
that incorporates new developments in
imaging equipment. Whether it is attached
brushless motor technology, new features
to a laparoscope (for looking inside the
and additional cutters and burs.
abdomen) or to an arthroscope (for looking
To keep pace with the growing demand for
inside a joint), Stryker's 777 3-Chip Camera
its products, Stryker Endoscopy doubled
sets the world standard for sharp, natural-
the size of its facility in San Jose, California
color images.
and substantially enlarged its facility in
Today, laparoscopic techniques are
Arroyo, Puerto Rico. It also boosted its
revolutionizing general surgery just as
sales force by more than 40% and stepped
arthroscopic techniques revolutionized knee
up the pace of R&D spending by 70%.
surgery a decade ago. Less-invasive
With more than twice as many engineers on
procedures for appendectomies, hernia
staff, Stryker Endoscopy is well prepared to
repairs, bowel resections, hysterectomies
continue its strategy of continuous incre-
and thoracic surgery are rapidly gaining
mental improvements in existing products
acceptance. And while it took some five
and carefully targeted new product
years for arthroscopic techniques to spread
introductions.
from the United States to other parts of the
03/10/1992 16:07 FROM STRYKER CORPORATION
TO
12024566218 P.09
OSTEONICS
State-of-the-Art Orthopaedic Implants
DURING 1991, OVER 380,000 PEOPLE IN
Osteonics has played a primary role in
the U.S. and a comparable number in other
educating orthopaedic surgeons about HA,
countries underwent orthopaedic surgery
and in June 1991 it conducted the first
for replacement of a hip or knee joint. Most
televised symposium in its history. A panel
of this surgery was occasioned by severe
of five surgeons and two bioengineers
arthritis or trauma. Arthroplasty, or joint
presented their experience with HA-coated
12
replacement, is in the mainstream of
implants to a viewing audience of 1,300
orthopaedic practice, and it has already
medical professionals in 61 different sites in
helped millions of people on five continents
the U.S. and Canada.
to live with more mobility and less pain. In
During 1991, Osteonics continued the
1991, the U.S. market for reconstructive
development of a new knee implant
orthopaedic products grew by 13% to reach
engineered for superior fixation. Osteonics
$1.25 billion. Arthroplasty is a dynamic
believes that this device represents a
medical specialty driven by a continuous
significant advance over existing designs,
search for devices offering greater mobility,
and that it will lead to substantial gains in
implant longevity and patient comfort.
clinical performance. The new knee was
With the population of the U.S. and other
commercially released early in 1992. As a
countries living longer and more active
result of a highly streamlined process of
lives, this search has gained added
research and development, it was launched
importance.
just 18 months after conceptual work began.
Osteonics has long been a leader in the
International sales of Osteonics products
development of technologically superior
continued to be very strong in 1991, partic-
orthopaedic implants. In 1991 Osteonics
ularly in Japan. Osteonics is in the process of
became the first company to market a hip
releasing its CDH hip prosthesis
stem in the U.S. with hydroxylapatite (HA)
engineered with the help of five leading
surface treatment. HA is a naturally
Japanese universities which is specifically
occurring calcium phosphate material that
designed for congenital displasia of the hip
demonstrates a high level of biocompati-
prevalent in Japan.
bility due to its resemblance to living bone.
Osteonics conducted years of pioneering
In Europe, building on its five years of
research on the orthopaedic application of
success with HA-coated hips, Osteonics
HA, and it has marketed HA-coated
completed its first full year of clinical
implants in Europe for five years. On the
experience with HA-coated knee implants.
basis of its clinical experience in both
During 1991, Osteonics made significant
Europe and the U.S., Osteonics believes
investments in its global technology base to
that HA has the potential to produce great
keep pace with the growing worldwide
improvements in implant performance.
demand for its products.
03/10/1992 16:08 FROM STRYKER CORPORATION
TO
12024566218 P.10
STRYKER INSTRUMENTS
High-Quality Precision Instruments for a Wide-Range of Procedures
HIGH-QUALITY POWERED INSTRUMENTS IN
In 1991, the CBC-ConstaVac system
a surgeon's hands translate into reduced time
continued to be one of Stryker Instruments'
in surgery and improved clinical results for
most exciting products. Following joint
the patient. Stryker Instruments provides
replacement surgery, this device drains the
surgeons in specialties ranging from
wound and recovers the blood for reinfusion
orthopaedics to plastic surgery to
in the patient. In many cases, CBC-
thoracic/cardiovascular surgery with a
ConstaVac entirely eliminates the need for
17
technologically superior line of powered
banked blood. Particularly in a time of
bone saws and drills. Stryker ranks second
widespread concern about AIDS and other
in the $95 million U.S. market for powered
blood-borne diseases, auto-transfusion is
surgical instruments.
good medicine.
Long-term research on batteries and
The Stryker Command Microelectric
electric motors helped Stryker develop the
System has been another continuing success.
first successful line of battery-powered
These small, light instruments give oral,
heavy-duty surgical instruments. Battery-
plastic and hand surgeons the power,
powered instruments are highly
maneuverability and visibility they need to
maneuverable and eliminate the need for an
work in small areas of the body. Early in
additional power cord in the sterile field of
1992, Stryker introduced its second gen-
the operating room. In 1991, Stryker
eration of Command instruments.
Instruments launched System 2000, its third
generation of these products. Incorpor-
During 1991, Stryker Instruments made a
ating the most sophisticated technology on
substantial increase in its commitment to
the market, the new instruments are smaller,
research and development, accelerating its
lighter, more powerful and longer-running
drive for technological advances in electric
than their predecessors. To meet its own
motors, gear transmissions and autoclave-
exacting standards, Stryker produces the
resistent electronics for its next generation
electric motors for these products in-house.
of products. This division also broke
ground on a greatly enlarged manufacturing
Battery-powered surgical instruments are
facility in Kalamazoo, Michigan.
less popular in Europe because sterilization
techniques in use there would significantly
shorten the life of a battery. During 1991,
Stryker Instruments introduced a line of
electric heavy-duty instruments designed
specifically for the international markets.
The first major innovation in powered
instruments that these markets have seen in
more than a decade, these products are the
smallest, lightest and most powerful available.
03/10/1992 16:09 FROM STRYKER CORPORATION
TO
12024566218 P.11
STRYKER MEDICAL
The Intelligent Choice in Specialty Beds and Stretchers
AMERICAN HOSPITALS ARE UNDER SEVERE
field support to keep their beds and
financial pressure. With labor costs
stretchers operating at peak performance.
accounting for well over half their total
Customers have responded to Stryker
expenditures, hospitals are seeking
Medical's approach. The U.S. market for
innovative ways to improve operating
specialty beds/stretchers totaled $145
efficiency.
million in 1991, and Stryker ranked first in
20
Stryker Medical has designed its specialty
emergency, recovery and transport
stretchers and beds to help hospitals
stretchers, second in maternity and intensive
improve their utilization of staff and space.
care unit beds, and third in surgery
In 1991, for example, it introduced a
stretchers. While the specialty bed/stretcher
stretcher with on-board equipment for full-
market grew at approximately 4%, Stryker
length x-ray imaging. Closely resembling a
Medical's product sales grew by more than
radiology table in its operation, this product
20% in 1991.
saves time and minimizes patient movement
Substantial investments in manufacturing
in the critical first stages of trauma
and in research and development have
treatment.
enabled the Medical Division to achieve
Increasingly, hospitals are segregating their
dramatic improvements in products and
business by patient type. In redesigning its
significant reductions in costs in recent
stretcher line over the past three years,
years. As a result, both sales and profits have
Stryker Medical was therefore careful to
climbed. Further investments in the Medical
tailor its products to meet specific patient
Division can be expected to produce
needs within the hospital. In 1991, for
continuing above-market growth in the
example, it introduced a pelvic exam
coming years.
stretcher for the emergency room. While
this product can be used for examinations or
births when required, it is flexible enough
to double as a regular emergency room
stretcher as well.
During 1991, the Medical Division took two
important steps toward better customer
service. First, it expanded its sales force by
25% and split it into two teams, one
dedicated exclusively to beds and the other
to stretchers. This will bring additional
focus to each area. Second, it more than
doubled the size of its field service force.
Today, Stryker is the only company in the
industry to provide hospitals with dedicated
03/10/1992 16:10 FROM STRYKER CORPORATION
TO
12024566218 P.12
40
STRYKER ENDOSCOPY, OSTEONICS,
Stryker Instruments and Stryker Medical
all operate in distinct niche markets and
employ distinctive sets of technological
skills. But in spite of these differences, all
share a single set of core principles: a sharp
focus on market needs (including the need to
contain health care costs), a commitment to
quality in products and customer service,
and a dedication to technological
innovation. Stryker's skill and tenacity in
pursuing these principles have made the
Stryker name a byword for excellence
among medical professionals around the
world.
03/10/1992 16:10 FROM STRYKER CORPORATION
TO
12024566218 P.13
200 Best Small Companies
November
L1
[on]
born
Dollars
Forhes
How we define the best
Both growth investors like John Templeton and value
players like Warren Buffett could probably find some
million and $350 million. Firms with declining sales and/
interesting stocks below. While the 200 Best Small Com-
or earnings were automatically screened out, as were
panies in America must show consistent increases in
stocks priced under $5. To ensure reasonable liquidity,
we eliminated stocks with fewer than 1 million shares
sales, earnings and return on equity during the past five
outstanding or average daily trading volume of under
years, we also apply value criteria, including a require-
ment that long-term debt not exceed total stockholders'
1,000 shares. We also dropped limited partnerships, real
estate investment trusts and banks. Raw data come from
equity.
How did we pick the 200? We began with all publicly
Los Angeles-based William O'Neil & Co., 1991 earnings
estimates from the Institutional Brokers Estimate
traded U.S.-based corporations with sales between $5
System.
The 200 Best Small Companies in America
Return on equity
S--ear
Latest
mos
Debt
Quick
Recent
Market
Latest 12 TUS
Est
Rank
5-year
latest
EPS
sales
profits
equity
ratio'
stock
value'
EPS
P/E
1991
this
last
average
12
growth
($ mil)
price
($ mil)
EPS
year
year
Company/business
mos
rate
108
us
Stryker
16.3%
19.5%
23%
$342
$28.81
1%
2.00
$27
$1.283
$0.62
43.5
$0.64
powered surgical istruments
Ranking The 200 Best Small Companies
Where They Rank
Company
Exch
Ticker
5-year
Sales
Profits
Market
5-year
Sales
Profits
Market
symbol
average
(Smil)
($mll)
value*
average
value
ROE
($mil)
ROE
108
I
19
1
Stryker
o
STRY
16.8
342
28.8
1,283
The 200 Best Small Companies Chief Executives
Chief Executive
Age
Years
Undergraduate
College
Compensation (000)
Stockowned
Company
with
as
graduate
degrees
salary
other
stock
total
%
mkt val*
3
CEO
college
bonus
gains
(000)
John W. Brown
57
15
15
Aubum
BS
140.0
22.0
-
462.0
4.78
61.271
Stryker
03/10/1992 16:12 FROM STRYKER CORPORATION
TO
12024566218 P. 14
THE 200 BEST SMALL COMPANIES
John Brown's Stryker Corp. has grown at better than 20% a year
since he joined the company in 1977. For how much longer?
Forever, replies the ebullient Brown.
Focus through
decentralization
By Zina Sawaya
HOMER STRYKER'S cleverness nearly
bile. He soon won a contract to sup-
What to do? More of a doctor and a
got the better of him. Fifty years ago
ply the beds to the Army, and his little
tinkerer than a businessman, Strvker
the Kalamazoo, Mich. orthopedist in-
business was off and running. But
turned to professional managers.
vented a mobile hospital bed with a
when World War II ended, the gov-
They started selling the beds-techni-
frame that pivoted from side to side so
ernment canceled its contract, and
cally known as stretchers-to hospi-
that doctors could position injured
Homer Stryker was stuck with huge
tals. The business was saved, and Dr.
patients while keeping them immo-
inventories.
Stryker continued with his medical
practice and his inventions.
Scon he came
Stryker Corp. Chief Executive John Brown
versity graduate, Brown
Docentralization, diversification and a fixation on 20% growth.
came to Stryker after Ho-
mer's son, Lee Stryker, who
Forbes of November 11, 1991
03/10/1992 16:12 FROM STRYKER CORPORATION
TO
12024566218 P.15
Split
Forbes . December 9. 1991
SIR: Re "Focus through decentraliza.
don" (Nov. 11). The article states that
Stryker's shares have risen twofold to
a recent $28.50 since becoming a
public company in 1979 Stryker's
shares have risen forry-one-fold after
taking into account SIX stock splits
since 1979.
-lown W. BROWN
Chasrman and Chief Executive Officer
Strvicer Corp.
Kalamazoo. Mich.
Reprinted by permission of Forbes magazine, November 11, 1991.
©Forbes Inc., 1991
03/10/1992 16:13 FROM STRYKER CORPORATION
TO
12024566218 P.16
EYE ON WALL STREET
BY JACK EGAN
A shareholder's report card
here's no shortage of available yardsticks for weigh-
ample. makes medical and surgical products and had sales
ing. judging and ultimately ranking leading compa-
last year of only $360 million. But its earnings rose 40
nies. But at a time when both executive pay and
percent and its stock went up 220 percent. moving it up
management accountability (or the lack of it) to stockhold-
from the 20th spot last year. The top 10 are dominated by
ers increasingly are front-burner issues, a new tally by
retailers, however, with the Gap and the Limited on the list
United Shareholders Association is especially pertinent.
Unlike. say, the well-known Fortune 500, which is based
with Wal-Mart. The common denominator among the top
solely on sales volume. USA's "Shareholder 1.000"* meas-
firms is that they are leanly run companies that have posi-
tioned themselves as leaders in fast-growing market niches.
ures what investors care about: how a company's stock is
doing and how its management creates value for investors
The report also focuses on each grade separately. Com-
rather than rewarding itself. "One of the big problems in
panies beyond Wal-Mart that scored best in executive pay.
for example, were Food Lion, a grocery chain based in the
executive compensation is
Southeast: Berkshire Hath-
that packages are often
based on size-the bigger
away, an investment con-
the company, the bigger
glomerate whose chairman
the pay,' notes Ralph
is investor extraordinaire
Whitworth, head of USA, a
Retailer
products
Warren Buffett, currently
self-styled grass-roots orga-
Wal-mart Stryker start Stores - Stevenson
Medical
serving as head of Salomon
nization founded in 1986.
Engines
Brothers; Stewart & Ste-
Size. he says, means noth-
retailer
venson, which makes
ing to investors unless it di-
1
2
rectly relates to the bottom
Stewart
Laboratories
&
Conglainerate
diesel and gas-turbine
engines. and Hanna-
line. General Motors and
Retailer
ford Bros., the largest
&
IBM may be among the
largest companies in
America. he observes,
intermediary Banking Specialty retailing
grocer in Northern
New England.
Time Warner
but their financial per-
4
Casino Banking operations
was dead last.
formance in the past few
Fren
done in by gar-
years has been decided-
Limited
gantuan rewards
ly subpar. Accordingly,
7
6 Hibernia Transco Energy Milacron Machine Banking Movies tools
of
to Chairman Steven
GM shows up 577th
@
SPX Corp.
Corp.
Ross and other executives.
and IBM 561st out
9
of 1.000.
10
Banking Natural gas
Last week, the media com-
National Date
pany's well-remunerated
USA assigns a
Movies, Banking media
president, Nicholas J. Nich-
score to each of the 1.000
companies based on marks in
Data processing
olas Jr., was forced out by
the board. He apparently
four areas. Stock performance is worth 50 percent
failed to win a power strug-
of the total half long-term and half short-term. Attention
gle with Ross, who last year epitomized the overpaid CEO
to shareholder rights is worth 25 percent. Executive com-
with an overall compensation package of almost $80 mil-
pensation counts for 15 percent; frugality is a plus. And the
lion. Athletic-shoe manufacturer Reebok International:
final 10 percent. a new feature this year, measures the
Legent Corp., which makes software; Freeport McMoran, a
percentage of shares owned by management. A high per-
mining and energy company, and Chris-Craft Industries, a
centage is viewed with approval, because executives have a
diversified broadcasting firm, get marks almost as black.
direct stake in the company's performance. "They think
The highest grade for management ownership-based
like owners rather than bureaucrats," notes Whitworth.
on the CEO's share holdings as a percentage of actual
Bargain CEO. For the third straight year, Wal-Mart. which
compensation-goes to Lawter International, a maker of
last year overtook Sears as the largest U.S. retailer, is in first
printing ink and pigments. Berkshire Hathaway again
place. The booming discount-department-store chain not
scored high, followed by software giant Microsoft: Nike.
only ranked high for its sizzling and sustained rise in stock
the athletic-shoe maker. and retailer Petrie Stores.
price (up 94 percent in 1991 and 4,800 percent over the past
A company scores higher in shareholder accountability
10 years) but also paced the rest in parsimonious executive
if, for example, it eschews rules that entrench existing
compensation. Wai-Mart Chief Executive Officer David
management. like antitakeover measures. Bear Stearns, the
Glass's pay package totaled $980,000 in 1990. That's a lot -
Wall Street brokerage, is first here for the second successive
but it was some 90 percent less than what the
year. But most companies don't get high marks. Only 74
other CEOs in the survey would have received
*Included with $50 annual
have adopted confidential shareholder voting
had their companies done equally well.
membership in United Shareholders
procedures for corporate elections. And over
Many high-ranked companies are fast-grow-
Association (1667 K Street, N.W.,
half have lucrative severance packages for exec-
ing smaller firms. No. 2 Stryker Corp., for ex-
Suite 770,
utives. Among the beneficiaries: Time
Washington. DC 20006).
Warner's just departed Nicholas.
U.S.NEWS & WORLD REPORT. MARCH 2 1992
69
MAR-10-1992 16:06 FROM STRYKER CORPORATION
TO
12024566218 P.01
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P.02
had run the company since the mid-
the quarterly growth chart posted in
expenses, to about $25 million this
Sixties, died in a plane crash. Prior to
his plant's hallway indicates, he
year. While the salespeople bring back
Stryker, Brown ran a subsidiary of
brought the division up to snuff.
specific requirements for product im-
Bristol-Myers Squibb that made sur-
Brown's divisional strategy has
provements, a staff of more than 150
gical instruments.
proved critical as Stryker's product
does the actual engineering and de-
While Stryker had a well-cstab-
line has grown more complex. Instead
sign work in Stryker's labs. The com-
lished niche in the hospital market,
of one sales force peddling everything
bination keeps Stryker's product line
the company was not without prob-
from maternity beds to high-tech ma-
growing. Half of Stryker's current
lems. When Brown took over, the
chinery, cach division now has its
products were introduced in the last
family-owned firm was still reeling
own, often highly trained, sales staff.
five years.
from Lee Stryker's death and recover-
"It's achieving focus through decen-
Another hot new product is a tiny,
ing from a couple of managerial fum-
tralization," says Brown.
$18,000 video camera used with a
bles. Most members of its sales force
The specialized sales teams also
laparoscope for gall bladder surgery.
had quit after their compensation sys-
helped Stryker better meet its cus-
Rather than making a major abdomi-
tem was changed from commissions
nal incision, the surgeon punctures
to salary. And an unrelated disagree-
the abdomen and inserts a laparos-
ment with union officials over work-
cope-a long instrument used to peer
ers' salary had led to a monthlong
UNITED
inside the abdominal cavity. Aided by
strike. (Stryker's workers have since
the camera, which projects a clear and
voted out their unions.)
accurate image on a large color
Brown's first moves were to estab-
screen, the surgeon can swiftly re-
lish a formal budgeting system, cut
move the gall bladder. Instead of a
costs and rebuild the sales force-by
two-week hospital stay, the patient is
putting it back on commission. He
out the next day. Pressure to hold
then turned his focus to the com-
down health care costs have made this
pany's product line.
a brisk seller.
"Stryker's name was bigger than
Brown may use some of the com-
the company," recalls Brown. At the
pany's S64 million in cash for acquisi-
time, nearly 70% of Stryker's revenues
tions. But chances are it won't burn a
was coming from hospital beds. Lc-
hole in his pocket. Over the past five
veraging the strength of Stryker's
years Brown has spent only $15 mil-
name with hospitals, Brown added
lion. Hc points to Stryker's acquisi-
hip implants and medical video cam-
tion of Osteonics Corp., a maker of
cras, and beefed up his line of surgical
hip implants, as a model. When
power tools. Stryker's surgical group,
Stryker acquired it in 1979, Osteonics
which includes these products, makes
Assembling a surgical drill
had a promising new product and
up over 80% of the company's sales
Listening to doctors for new ideas.
zero sales. Stryker's Osteonics divi-
and most of its profits.
sion is now one of its most profitable
Next, Brown broke the company
operations. Says Brown: "We buy
into several divisions, allowing each to
tomers' needs. Stryker's salespeople
ideas, not companies."
operate autonomously. Autonomy
act as a de facto research and develop-
Stryker has been public since 1979,
for the managers was not the same
ment team. As such, most of the
when the Stryker family decided to
thing as freedom. Brown told them
company's new product idcas come
sell stock to free up some of its assets.
that he wanted each division to grow
from salesmen standing in the operat-
Its o-t-c-traded shares have since risen
at no less than 20% annually. "That's
ing room next to the physician. There
twofold, to a recent 28½. (The family
the law," says the soft-spoken but
they can observe the doctor in action,
still owns 24% of the company, worth
iron-willed Brown. A law he has suc-
write down his comments and come
$325 million.)
cessfully enforced. Stryker has posted
up with ways to improve a saw, a hip
This year Cowen & Co. health care
20%-plus earnings growth every year
implant or a hospital bed.
analyst Daniel Lemaitre expects
since 1977.
Case in point: Eye surgeons kept
Stryker to earn $31 million, or 65
Brown uses a sort of friendly intimi-
complaining about a bed's lack of
cents a share, on revenues of $360
dation to get his message across.
flexibility at the head level. It was
million. With the stock at a hefty 44
"When I inherited the medical divi-
hard, they said, to position a patient's
times expected 1991 earnings, the
sion, sales were flat," says Harry Car-
head. Stryker people took note. Next
market seems to think Brown can
mitchel, who was hired in 1987 to run
year the company will roll out a bed
maintain Stryker's impressive growth
the lagging hospital bed operations.
with a movable head rest-an incre-
rate for the foreseeable future.
"My first month, he [Brown comes
mental change but an innovative one,
For his part, Brown insists that he
up to me and wants to know why it's
and one that will bring higher margins
has no intention of letting up on his
not growing already." Carmitchel in-
than the standard bed.
ambitious growth goals. "It's not just
troduced a series of new products and
Since 1986 Brown has almost qua-
20% this year," he says. "It's 20%
strengthened his sales force. And as
drupled research and development
forever."
Forbes
November 11, 1991
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FINANCIAL HIGHLIGHTS
1991
1990
% Increase
Net Sales
$364,825,000
$280,634,000
30
Earnings Before Income Taxes and Extraordinary Item
53,345,000
38,100,000
40
Earnings Before Extraordinary Item
33,075,000
23,625,000
40
Extraordinary Gain
9,910,000
Net Earnings
1
33,075,000
33,535,000
-
Earnings Per Share of Common Stock:
Before Extraordinary Item
.70
.50
40
Extraordinary Gain
.21
Net Earnings
.70
.71
I
Average Number of Shares Outstanding
47,526,000
47,396,000
-
BARNINGS BEFORE EXTRAORDINARY ITEM
Compound Annual
Growth Rate 24%
$ Millions
34
B2
BE
28
26
24
22
20
18
16
WIN
14
12
is Beni
10
8
6
4
a
0
1983
1983
1934
1985
1986
1987
1982
1989
1590
1991