General Atomic Inc. Medical Products Division Sold to Intermedics Inc.

Abstract

A memo was delivered from an oil company Executive Vice President that a decision to sell the Medical Products Division had been made. Had I been aware of that pending intention to sell, I would have had the opportunity to purchase the Division. Instead, my office was locked, and I was given another office bare of everything excepting a phone on the floor. As such, I elected to work from home. As it turned out, I received a late night call from Albert Beutel, President and CEO of Intermedics, Inc., a new and fast-growing enterprise in the pacemaker business. Beutel told me that he knew I was attempting to buy the Division and wanted to know if it would be okay with me if he made an offer. As it turned out, it could not have worked out better. Intermedics, Inc. purchased General Atomic’s Medical Products Division.