Covidien completes sale of sleep therapy products
Dublin, August 30, 2010
Covidien, a leading provider of healthcare products, said it has completed the sale of its 'sleep therapy' continuous positive airway pressure (CPAP) and bi-level products to PH Invest, a privately held company located in Luxembourg.
The sale included the manufacturing facility in Nancy, France, and related commercial operations in Europe and products sold under GoodKnight and Sandman brands, said a statement from Covidien.
The company however did not disclose the financial terms of the transaction.
The sale was made following a thorough review and evaluation of a number of strategic alternatives, the company said.
Covidien said the decision was consistent with its strategy to streamline portfolio and reallocate resources to its faster-growing, higher-margin businesses, where the company has, or can develop, a global competitive advantage.-TradeArabia News Service