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Print Edition StoriesThursday, September 3, 2009
Covidien to sell three product lines
By Mass High Tech staff
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Covidien plc, a medical device and pharmaceuticals maker, announced definitive plans to sell its Sleep Diagnostics and Oxygen Therapy product lines and an intention to sell its Sleep Therapy product line.
The Sleep Diagnostics line, including Covidien’s Sandman brand products, will be sold to Embla Systems. Chart Industries Inc. (Nasdaq: GTLS) has agreed to acquire Oxygen Therapy products, including Companion and Helios brand products. The Sleep Therapy line — including Sandmand, Dreamfit, GoodKnight and Breeze brand products — has also been proposed by Covidien for sale.
Although specific financial terms of the deal were not revealed, the three product lines earned fiscal 2008 sales of $175 million.
Covidien (NYSE: COV) officials said the company decided to sell off some of its assets in order to “streamline its portfolio” and focus instead on higher-margin businesses.
Covidien has its world headquarters in Dublin and its U.S. headquarters in Mansfield. Worldwide, Covidien employs 41,000 workers in 59 countries. The company develops medical devices, imaging solutions, pharmaceutical products and medical supplies.
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