DUBLIN, Aug 30, 2010 (BUSINESS WIRE) --
Covidien (NYSE: COV), a leading global provider of healthcare products,
today announced that it has completed the previously announced sale of
its Specialty Chemicals business to an affiliate of New Mountain
Capital, L.L.C. for a cash purchase price of approximately $280 million.
The decision to divest Specialty Chemicals was made following a thorough
evaluation of a number of strategic alternatives. The decision is
consistent with Covidien's strategy to streamline its portfolio and
reallocate resources to its faster-growing, higher-margin businesses,
where the Company has or can develop a global competitive advantage.
The business is currently reported as a discontinued operation and the
transaction is not expected to have a material effect on Covidien's
operating income or earnings per share for fiscal 2010 or 2011.
Covidien is a leading global healthcare products company that creates
innovative medical solutions for better patient outcomes and delivers
value through clinical leadership and excellence. Covidien manufactures,
distributes and services a diverse range of industry-leading product
lines in three segments: Medical Devices, Pharmaceuticals and Medical
Supplies. With 2009 revenue of $10.3 billion, Covidien has 42,000
employees worldwide in more than 60 countries, and its products are sold
in over 140 countries. Please visit www.covidien.com
to learn more about our business.
Eric Kraus, 508-261-8305
Senior Vice President
Coleman Lannum, CFA, 508-452-4343
Bruce Farmer, 508-452-4372
Brian Nameth, 508-452-4363