Covidien Ltd. began trading on the New York and Bermuda Stock Exchanges on Tuesday, marking its debut as an independent, diversified healthcare products company. The business, formerly known as Tyco Healthcare, recently spun off from Tyco International.
“Covidien is distinguished by its outstanding portfolio of well-established and highly respected global brands that are leaders in several fast-growing product categories,” said Richard J. Meelia, Covidien president and CEO. “As a premier provider of medical devices, supplies, imaging products and pharmaceuticals, we look forward to strengthening our longtime collaborative partnerships with medical professionals and institutions as we identify critical clinical needs and meet them with innovative, quality products.”
With brand names that include Autosuture, Kendall, Mallinckrodt, Nellcor, Puritan Bennett, Syneture, U.S. Surgical and Valleylab, Covidien products compete in five business segments: medical devices, imaging solutions, pharmaceutical products, medical supplies and retail products. Revenue in 2006 was $9.6 billion, with over one-third of Covidien’s sales outside the United States. Covidien employs more than 43,000 people in 57 countries, and its products are distributed in over 130 countries.
"As an independent $9.6 billion company, we expect to drive accelerated growth through strategic initiatives that focus exclusively on healthcare and through our increased flexibility to invest in innovation,” Meelia said. “In addition to significantly expanding our global sales presence, we are increasing R &D investment and funding opportunities within our family of businesses that have the greatest potential to deliver sustained profitable growth.”