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GM, Ford will reroute Baltimore shipments after bridge collapse

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By David Shepardson

NEW YORK (Reuters) -U.S. automakers General Motors (NYSE:) and Ford (NYSE:) will reroute affected shipments after a bridge collapse in the U.S. shuttered the Port of Baltimore, but the companies said on Tuesday the impact will be minimal.

“We expect the situation to have minimal impact to our operations. We are working to re-route any vehicle shipments to other ports,” GM said in a statement.

The Port of Baltimore is the busiest U.S. port for car shipments, handling at least 750,000 vehicles in 2023, according to data from the Maryland Port Administration. Motor vehicles and parts accounted for 42% of all Baltimore port imports.

Ford Chief Financial Officer John Lawler said the bridge collapse, which happened after a container ship smashed into the four-lane bridge early on Tuesday, will force the automaker to divert parts to other ports and impact its supply chain.

“It’s going to have an impact,” Lawler told Bloomberg News. “We’ll have to divert parts to other ports… It will probably lengthen the supply chain a bit.”

Ford told Reuters in a separate statement “where workarounds are necessary in the short term, our team has already secured shipping alternatives.”

Industry officials said it was too early to say what impact the accident will have on the auto sector.

“But there will certainly be a disruption,” said John Bozella, CEO of the auto trade group Alliance for Automotive Innovation. “Baltimore is the No. 1 automobile port in the U.S., and we’re in touch with federal officials to help them understand the scale of automotive operations there.”

Rescuers have pulled out two survivors, one of whom remains hospitalized, and were searching for more in the Patapsco River after huge spans of the 1.6-mile (2.57 km) Francis Scott Key Bridge crumpled into the water.

Breakwave Advisors managing partner John Kartsonas, a shipping analyst and investor, said Baltimore is a significant port for imports of consumer goods, cars and other imports.

“There are a lot of other areas that can pick up the slack like the New York Harbor and all the way down to Savannah, Georgia,” he said in an email. “It will take a while for the situation to resolve and to begin operating normally again, so definitely there will be delays in deliveries of goods.”

Other transportation companies reported no major impact.

“While Baltimore is not a primary port for our North American operations, there will be some impact, primarily on vehicle exports,” Toyota (NYSE:) said in a statement. “At this time, we do not anticipate a significant disruption, but we are evaluating the situation closely to determine the longer term impact and countermeasures.”

Volkswagen (ETR:) Group of America said it was not impacted because its Baltimore facility is located on the easterly sea board of the bridge collapse, while Nissan (OTC:) said it did not expect significant impact at this time.

BMW (ETR:) said the car docks are located on the ocean side of the harbor, so there was no major impact expected as the bridge collapse will not affect ships. It added that land-side truck traffic would be rerouted.

© Reuters. A view of the Dali cargo vessel which crashed into the Francis Scott Key Bridge causing it to collapse in Baltimore, Maryland, U.S., March 26, 2024.  REUTERS/Julia Nikhinson

Mercedes said the incident has had no impact on vehicle exports or the company’s Tuscaloosa, Alabama, plant’s parts supply, and it was monitoring the situation. It said it uses ports in Baltimore, as well as in Georgia and South Carolina, for vehicle imports.

Volvo (OTC:) Group, which makes trucks, construction equipment and engines, said it was looking over its inventory in its U.S. production facilities to see if and when there could be a disturbance in worst-case scenarios, adding it currently expected no huge impact.

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Dillard’s, Inc. Announces $0.25 Cash Dividend

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MODULAR ATP Study of the mCRM™ System Meets Primary Safety and Efficacy Endpoints

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Additional data from APPRAISE ATP trial reinforce modular therapy approach with EMBLEM™ Subcutaneous Implantable Defibrillator and EMPOWER™ Leadless Pacemaker

MARLBOROUGH, Mass., May 18, 2024 /PRNewswire/ — Boston Scientific Corporation (NYSE: NYSE:) today announced positive six-month results from the ongoing pivotal MODULAR ATP clinical trial of the mCRM™ System, the first modular cardiac rhythm management (CRM) system that consists of the EMBLEM™ Subcutaneous Implantable Defibrillator (S-ICD) System and the EMPOWER™ Leadless Pacemaker (LP). As components of the mCRM System, the devices are designed to work together wirelessly to coordinate painless intracardiac anti-tachycardia pacing (ATP) therapy, provide rate-responsive bradycardia pacing support and to prevent sudden cardiac death without the risk of leads in the heart or under the sternum. Findings were presented at Heart Rhythm 2024, the annual meeting of the Heart Rhythm Society, and simultaneously published in The New England Journal of Medicine.

In addition to evaluating the safety and performance of the EMPOWER LP as a standalone pacemaker, the trial evaluated the ability of the EMBLEM S-ICD System to successfully communicate a wireless request to the LP to deliver ATP therapy. Findings from the trial met all pre-specified six-month safety and effectiveness endpoints, and demonstrated:

  • A major complication-free rate of 97.5% after implantation of the EMPOWER LP.1
  • A communication success rate of 98.8% from the EMBLEM S-ICD System to the EMPOWER LP.2
  • An ATP success rate of 61.3%,3 and no patient requests for deactivation of ATP or bradycardia pacing due to pain or discomfort.
  • Pacing capture thresholds, which indicate stable device fixation within the heart, of ‰¤ 2.0 V at 0.4 ms in 97.4% of patients.

“We saw excellent overall clinical performance of the mCRM System in this study, including a high rate of communication success from the S-ICD to the leadless pacemaker, and a low rate of major leadless pacemaker complications,” said Prof. Reinoud Knops, M.D., Ph.D., Department of Cardiology and Electrophysiology, Amsterdam UMC, Amsterdam, Netherlands. “These findings are noteworthy, as high percentages of communication success and pain-free termination of spontaneous arrhythmia episodes indicate a potential upgrade pathway for patients currently implanted with an S-ICD who develop a need for ATP or pacing.”

Also presented at Heart Rhythm 2024 were results from the APPRAISE ATP clinical trial “ a prospective, randomized, multicenter study evaluating ATP as a primary strategy for terminating ventricular tachycardias in primary prevention (PP) patients (i.e., those without a history of spontaneous sustained ventricular arrhythmias). The trial enrolled 2,626 PP patients indicated to receive an ICD at 134 centers globally and is the largest head-to-head trial of ATP in this patient group. In the study, patients were randomized 1:1 to standard transvenous-ICD therapy “ ATP plus an ICD-delivered shock to terminate a ventricular tachycardia “ versus shock only. Across five years of follow up, data demonstrated a statistically significant, but small absolute first all-cause shock reduction in only 1% of patients per year. Shock burden, or the number of shocks experienced by a patient, was not significantly different between the two arms, and the vast majority of patients in the ATP-plus-shock arm did not require ATP therapy.

“Together, data from the MODULAR ATP and APPRAISE ATP trials reinforce the promise of the groundbreaking mCRM System, illustrating a clear path forward for physicians to offer therapies that prevent sudden cardiac death and deliver ATP for the small number of patients who benefit from it,” said Kenneth Stein, M.D., senior vice president and global chief medical officer, Boston Scientific. “Instead of subjecting all patients to the risks of more invasive approaches, such as placing leads in the heart or tunneling them under the sternum to provide therapies they might not require, these data indicate physicians may have the opportunity to tailor therapy to the patient’s individual needs and health.”

The company anticipates U.S. Food and Drug Administration approval of the mCRM System in 2025. For more information on the mCRM System and MODULAR ATP trial, visit www.bostonscientific.com/mcrm. To learn more about the EMBLEM MRI S-ICD System, visit www.sicdsystem.com.

The EMPOWER LP is an investigational device and limited by U.S. law to investigational use only. It is not available for sale. Some device references are for informational purposes only and are pending CE Mark. Not available in the European Economic Area.

Dr. Reinoud Knops is a paid consultant of Boston Scientific Corporation. He has not been compensated in connection with this press release.

About Boston Scientific
Boston Scientific transforms lives through innovative medical technologies that improve the health of patients around the world. As a global medical technology leader for more than 40 years, we advance science for life by providing a broad range of high-performance solutions that address unmet patient needs and reduce the cost of healthcare. Our portfolio of devices and therapies helps physicians diagnose and treat complex cardiovascular, respiratory, digestive, oncological, neurological and urological diseases and conditions. Learn more at www.bostonscientific.com and connect on LinkedIn and X, formerly Twitter.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like “anticipate,” “expect,” “project,” “believe,” “plan,” “estimate,” “intend” and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding our business plans and product performance and impact, and new and anticipated product approvals and launches. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.

Factors that may cause such differences include, among other things: future economic, competitive, reimbursement and regulatory conditions; manufacturing, distribution and supply chain disruptions and cost increases; variations in outcomes of ongoing and future clinical trials and market studies; new product introductions; demographic trends; intellectual property; litigation; financial market conditions; and future business decisions made by us and our competitors. All of these factors are difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A “ Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A “ Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements, except as required by law. This cautionary statement is applicable to all forward-looking statements contained in this document.

CONTACTS:Steve Bailey
Media Relations
(651) 582-4343 (office)
Steve.Bailey@bsci.com

Jon Monson
Investor Relations
(508) 683-5450
BSXInvestorRelations@bsci.com

1 Major complications defined as any complication related to the EMPOWER LP or its implantation procedure that results in system revision, permanent loss of LP function, hospitalization, or death.
2 During communication tests, the S-ICD attempted to command the LP to deliver pacing at a rate approximately 10 beats per minute faster than the patient’s intrinsic rhythm.
3 ATP success rate defined as terminating ventricular arrhythmia.

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Adidas plans cheaper versions of popular shoes

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(Corrects May 16 story to reflect error in live translation, Adidas (OTC:) is making cheaper versions for Deichmann and Intersport, not Foot Locker (NYSE:))

By Linda Pasquini

(Reuters) -Adidas is launching cheaper versions of its three-striped shoes like the white and black suede Samba as it aims to spread the trend, CEO Bjorn Gulden said on Thursday at the company’s annual shareholders’ meeting in Germany.

“It’s important to understand that not everyone can afford to buy a shoe for 120 or 150 [dollars], but everyone wants to take part in the same trends,” Gulden told investors in a presentation in Furth, near Adidas’ headquarters in Herzogenaurach.

Adidas will offer similar versions of the Samba and other shoes for $60 to $80, more affordable entry points than the $100 to $150 price tag for the main shoe lines, according to a presentation slide shown by Gulden.

“What we do at the top, 100 [dollars] and higher, we’re bringing that down,” Gulden said. The cheaper models are aimed at retailers like Deichmann and Intersport, he added.

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