Covidien Completes Acquisition of Newport Medical Instruments, Inc.
DUBLIN(BUSINESS WIRE)May. 1, 2012 Covidien plc (NYSE: COV), a leading global provider of healthcare products and recognized innovator in patient monitoring and respiratory care devices, today announced that it has completed the previously announced acquisition of Newport Medical Instruments, Inc. for an aggregate consideration of approximately $108 million, net of cash and short-term investments acquired.
Pursuant to the terms of the acquisition agreement, Covidien has acquired all of the outstanding capital stock of Newport Medical, a private company based in Costa Mesa, CA. Newport Medical designs and manufactures dependable, life improving ventilators that are affordable for caregivers worldwide.
“This is an exciting day for both Covidien and Newport Medical,” said Robert J. White, President, Respiratory & Monitoring Solutions, Covidien. “Newport’s products and technology complement our current portfolio of respiratory solutions and will broaden our ventilation platform for patients around the world, particularly in emerging markets.”
Covidien will report the Newport Medical business as part of its Airway & Ventilation product line in the Medical Devices segment.
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 three segments: Medical Devices, Pharmaceuticals and Medical Supplies. With 2011 revenue of $11.6 billion, Covidien has 41,000 employees worldwide in more than 65 countries, and its products are sold in over 140 countries. Please visit www.covidien.com to learn more about our business.