Covidien Ltd. (NYSE: COV, BSX: COV) announced that it has reached a definitive agreement to sell its European Incontinence business to a private French company who will rename the business Lille Healthcare. Terms of the agreement were not disclosed.
Covidien's European Incontinence business, which is headquartered in Lille, France, was formerly part of Covidien's Medical Supplies segment and had sales of $109 million in fiscal 2007. The transaction, which is subject to customary closing conditions, is expected to be completed in the second calendar quarter of 2008.
ABOUT COVIDIEN LTD.
Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in four segments: Medical Devices, Imaging Solutions, Pharmaceutical Products and Medical Supplies. With 2007 revenue of nearly $9 billion, Covidien has more than 43,000 employees worldwide in 57 countries, and its products are sold in over 130 countries. Please visit www.covidien.com to learn more about our business.