MiniMed’s Chairman Announces Stock Split

Sylmar-based MiniMed Inc. on Monday announced a 2-for-1 stock split in which the company will issue one additional share of common stock for every share of common stock outstanding.

The stock split, which will increase the total number of fully diluted shares outstanding to about 14 million, will be effective April 1 for shareholders of record at the close of business on that date and will be distributed April 16.

Alfred E. Mann, MiniMed’s chairman and chief executive officer, said he expects the move to “further increase the liquidity of the stock and ultimately broaden our stockholder base.”

MiniMed, which closed Monday at $91.88, up 13 cents, designs, manufactures and markets insulin pumps and other diabetes supplies and pharmaceutical products.