Covidien Completes Sale of Sleep Therapy Product Line
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 Sleep Therapy continuous positive airway pressure (CPAP) and Bi-level products to PH Invest, a privately held company located in Luxembourg. Financial terms of the transaction were not disclosed.
The sale, including the Nancy, France manufacturing facility, related commercial operations in Europe and products sold under the GoodKnight(TM) and Sandman(TM) brands, was made following a thorough review and 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 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.