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Print Edition StoriesTuesday, March 9, 2010
Covidien buys Orthofix vascular business
By St. Louis Business Journal staff
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Orthofix International NV said Monday that it has sold the assets of its vascular business, including its AV-Impulse mechanical compression technology, to Covidien.
Orthofix said it expects to receive net cash proceeds of up to $19 million from the sale, which it will use to reduce outstanding long-term debt by about 7 percent.
Orthofix agreed, as part of the sale, to provide transitional services to Covidien for up to five months. Two supply agreements also call for Orthofix to provide Covidien with two years’ worth of Impads, which are used in conjunction with the compression therapy devices Orthofix is selling, as well as additional products related to the vascular business for another 90 days.
Netherlands Antilles-based Orthofix International NV (Nasdaq: OFIX), which has its administrative offices in Boston, is a global medical device company serving the spine, orthopedic and sports medicine sectors.
Dublin, Ireland-based Covidien plc (NYSE: COV) has its U.S. headquarters in Mansfield. Led by chairman, president and CEO Richard Meelia, the company operates Covidien Imaging Solutions and Pharmaceutical Products, also known as Mallinckrodt Inc. in St. Louis, Mo., and employs 42,000 workers worldwide. Covidien reported sales of $10.7 billion in 2009.
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