DUBLIN--(BUSINESS WIRE)--Jun. 5, 2009--
Covidien (NYSE: COV) today announced that its reorganization has been
completed and the Company is now incorporated in Ireland. The
transaction was completed on June 4, 2009, following receipt of the
required approval from the Supreme Court of Bermuda.
Covidien has a well-established presence and a substantial workforce in
Ireland, where it has had operations for nearly 30 years. The Company
has four factories serving the Medical Devices and Imaging Solutions
segments, as well as sales and customer service facilities.
“Ireland has a stable business, legal and regulatory environment and
enjoys strong relationships as a member of the European Union.
Additionally, Ireland enjoys a long history of international investment
and a good network of tax treaties with the United States, the European
Union and many other countries where Covidien has major operations,”
said Richard J. Meelia, Chairman, President and Chief Executive Officer.
“Ireland is a beneficial location for the expanding Covidien markets in
Europe, Asia and Africa,” Meelia added.
As a result of the Transaction, Covidien Ltd. common shares were
cancelled and Covidien plc ordinary shares were issued to all
shareholders. The common shareholders of Covidien Ltd. have become
ordinary shareholders of Covidien plc and Covidien Ltd. has become a
wholly owned subsidiary of Covidien plc. Shares of the Irish company,
Covidien plc, will begin trading on the New York Stock Exchange on June
5, 2009, under the symbol “COV,” the same symbol under which Covidien
Ltd. shares traded. Covidien will continue to be subject to United
States Securities and Exchange Commission (SEC) reporting requirements,
prepare its financial statements and pay dividends in U.S. dollars and
continue to be subject to U.S. Generally Accepted Accounting Principles
(GAAP).
ABOUT COVIDIEN
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 four segments: Medical Devices, Imaging Solutions,
Pharmaceutical Products and Medical Supplies. With 2008 revenue of
nearly $10 billion, Covidien has more than 41,000 employees worldwide in
59 countries, and its products are sold in over 140 countries. Please
visit www.covidien.com
to learn more about our business.
Source: Covidien Ltd.
Covidien plc
Eric Kraus, 508-261-8305
Senior Vice President
Corporate
Communications
eric.kraus@covidien.com
or
Bruce
Farmer, 508-452-4372
Vice President
Public Relations
bruce.farmer@covidien.com
or
Coleman
Lannum, CFA, 508-452-4343
Vice President
Investor Relations
cole.lannum@covidien.com
or
Brian
Nameth, 508-452-4363
Director
Investor Relations
brian.nameth@covidien.com
