Covidien completes sales of 2 businesses

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Covidien completes sales of 2 businesses

by Heather Mayer, DOTmed News Reporter | August 30, 2010
In separate transactions, medical device maker Covidien completed the previously announced sale of its specialty chemicals business and some sleep therapy products, the company announced Monday.

The sleep therapy products, including the continuous positive airway pressure (CPAP) and its bi-level products were sold to PH Invest located in Luxembourg. Financial terms were not disclosed.

New Mountain Capital, L.L.C. bought the specialty chemicals business for $280 million in cash.

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The company reported that neither move will have an effect on Covidien's operating income or earnings per share for fiscal 2010 or 2011.