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Covidien officials say the company has completed the previously announced sale of its oxygen therapy assets to Garfield Heights, Ohio-based Chart Industries Inc.
Covidien (NYSE: COV) is a medical technology company that is incorporated in Ireland but maintains its U.S. headquarters in Mansfield. The sale of the oxygen therapy product line, which includes its Companion and Helios brand products, is part of a company-wide plan to streamline its portfolio and reallocate resources to its faster-growing, higher-margin businesses.
The company has also sold its retail products and European incontinence products divisions, which sold baby and adult diapers, among other things. Also planned for a sale are Covidien’s sleep diagnostics and sleep therapy product lines.
Financial terms of the oxygen therapy transaction were not disclosed.
More about Covidien
The company is also in the midst of making strategic acquisitions. Among Covidien’s buys were VNUS Medical Technologies Inc. and Bacchus Vascular, which has a minimally invasive treatment for deep vein thrombosis. In September, Covidien entered into a deal to buy Norwood-based brain-monitoring device company Aspect Medical Systems Inc. for about $210 million.
Company officials say 2009 revenue will top $10 billion. Covidien has 42,000 employees worldwide in more than 60 countries.
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