ABBOTT PARK, Ill., Nov. 9, 2001 Abbott Laboratories announced today that it is partnering with the Environmental Protection Agency (EPA) as a founding member of the agency’s Combined Heat and Power Partnership to provide a more efficient, clean and reliable alternative to conventional electricity generation.
As a follow-up to recommendations to promote the use of combined heat and power in President Bush’s National Energy Policy Report, Abbott joins sixteen other founding member companies as the only health care company.
“Abbott is excited to be a founding partner in this environmental program,” said John C. Landgraf, vice president, corporate engineering, for Abbott Laboratories. “Innovation is at the heart of Abbott’s business and we are proud to collaborate with the EPA to find alternative power resources.”
Combined heat and power is a highly efficient form of electric generation, which recycles and uses heat that is normally lost under traditional power combustion methods. This process recovers leftover heat from power production, providing a source of residential and industrial heating and air conditioning in the local area around a power plant.
The average fossil fuel power plant in the United States is only 33 percent efficient, with two-thirds of the energy used to generate power being vented as waste heat. According to the EPA, combined heat and power can more than double that efficiency, thereby reducing the amount of fuel burned, which also reduces air pollution.
“Combined heat and power is not only better than conventional electricity generation at reducing air pollution and fuel consumption, it’s more reliable and costs less to do so,” said EPA administrator Christie Whitman. “Founding partners in this program are the way toward a cleaner future.”
Illinois Governor George H. Ryan recently lauded Abbott for its engineering and environmental leadership by awarding the company the 2001 Governor’s Pollution Prevention Award for Continuous Improvement. Abbott received the award for its achievements in promoting a healthy and safe environment.
The company was also recognized by Working Mother magazine as one of the 100 Best Companies for Working Women, and FORTUNE magazine as one of the 50 Best Companies for Asians, Blacks and Hispanics. Additionally, Information Week magazine recently listed Abbott No. 48 out of the top 500 innovative users of information technology in the country.
Abbott Laboratories is a global, diversified health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals, nutritionals, and medical products, including devices and diagnostics. The company employs approximately 70,000 people and markets its products in more than 130 countries. In 2000, the company’s sales and net earnings were $13.7 billion and $2.8 billion, respectively, with diluted earnings per share of $1.78.