Covidien (NYSE: COV), a leading global provider of healthcare products, today announced that it has completed the previously announced sale of its Sleep Therapy continuous positive airway pressure (CPAP) and Bi-level products to PH Invest, a privately held company located in Luxembourg. Financial terms of the transaction were not disclosed.
The sale, including the Nancy, France manufacturing facility, related commercial operations in Europe and products sold under the GoodKnight™ and Sandman™ brands, was made following a thorough review and evaluation of a number of strategic alternatives. The decision is consistent with Covidien's strategy to streamline its portfolio and reallocate resources to its faster-growing, higher-margin businesses, where the Company has, or can develop, a global competitive advantage.
The transaction is not expected to have a material effect on Covidien's operating income or earnings per share for fiscal 2010 or 2011.
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