Covidien wraps up sale of sleep products unit
Covidien plc today said that it has completed the sale of its sleep therapy product line, a deal that the company announced in June as part of a series of divestment and acquisition moves.
Covidien, headquartered in Dublin, bases its U.S. operations in Mansfield.
The medical device company sold its sleep therapy continuous positive airway pressure (CPAP) and Bi-level products to Luxembourg’s PH Invest. The companies did not release financial terms.
The sale included manufacturing facilities in Nancy, France, commercial operations in Europe and products sold under the GoodKnight and Sandman brands. The transaction is not expected to have a material effect on Covidien’s operating income or earnings per share for fiscal 2010 or 2011.
The sleep products sale was originally announced in June when Covidien, which reported 2009 revenue of $10.7 billion, said it had completed a strategic review of its business units. That review led to the decision to “streamline” Covidien’s portfolio. In addition to selling the sleep products units, Covidien acquired vascular technologies company ev3 Inc. of Minnesota. Covidien closed the ev3 deal in July.