Sulzer AG (SWX:SUN) said it has decided to spin off its applicator systems unit, or APS, into an independent publicly traded company. The announcement comes after earlier this week the group said it was considering a spin-off of the division. Sulzer will carry out the separation via a one-to-one share split, in which Sulzer's shareholders will get one APS share for each Sulzer share held. The new company, to be named Medmix, will offer high-precision delivery devices in healthcare, industrial, and consumer end-markets. Credit Suisse and UBS are advising Sulzer on the spin-off. The listing of the new company is expected to occur in the third or fourth quarter, subject to shareholder approval.