Dublin, Ohio-based Cardinal Health, a global distributor of medical supplies and technology, announced it will spin off its clinical and medical products businesses as a separate company to be based in San Diego, California.

Vice chairman David Schlotterbeck will be CEO of the new public company, which has not yet been named.

Some 10,000 current Cardinal employees, including 2,000 in San Diego, will be employed by the new company.

Over the next several years, the company expects to create an additional 1,000 jobs, mostly in San Diego, to fill positions in departments such as finance, information technology, and human resources, Schlotterbeck told the San Diego Union Tribune.

Analysts said the spin-off would allow a slimmed-down Cardinal Health to focus on turning around its drug distribution business, while potentially attracting a higher stock valuation for the publicly traded spin-off company.

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