EXHIBIT 21
- --------------------------------------------------------------------------------
SIGNIFICANT SUBSIDIARIES OF THE COMPANY, AS OF MARCH 15, 1996
% OWNED BY
ORGANIZED UNDER IMMEDIATE
SUBSIDIARY LAWS OF PARENT(1)(2)
- ------------------------------------------------------------------------------------------------------------------
Baxter International Inc. (parent company)................................. Delaware
Baxter Healthcare Corporation............................................ Delaware 100
Baxter World Trade Corporation........................................... Delaware 100
Baxter S.A............................................................. Belgium 93(4)
Baxter S.A........................................................... France 65(4)
Baxter Deutschland GmbH................................................ Germany 100
Baxter Pharmacy Services Corporation................................... Delaware 100(3)
Baxter Sales and Distribution Corporation............................ Delaware 100
Baxter Healthcare Corporation of Puerto Rico......................... Alaska 100(3)
Baxter Healthcare (Holdings) Ltd....................................... United Kingdom 99(4)
Baxter Healthcare Limited............................................ United Kingdom 99(4)
Baxter Healthcare, S.A................................................. Panama 100
Baxter Healthcare Pte. Ltd............................................. Singapore 100
Baxter World Trade S.A............................................... Belgium 52(4)
Baxter Limited......................................................... Japan 100
Baxter Healthcare Pty. Ltd............................................. Australia 99(4)
Baxter A.G............................................................. Switzerland 99(4)
Baxter S.A. de C.V..................................................... Mexico 99(4)
- ------------------------------------------------------------------------------------------------------------------
Subsidiaries omitted from this list, considered in the aggregate as a single
subsidiary, would not constitute a significant subsidiary.
* * * * *
(1) Including director's qualifying and other nominee shares.
(2) All subsidiaries set forth herein are reported in the Company's financial
statements through consolidations or under the equity method of accounting.
(3) Of common stock.
(4) Remaining shares owned by the Company, its subsidiaries or employees.
25