logo
Share SHARE
FONT-SIZE Plus   Neg

Covidien Completes Spin Off, Mallinckrodt Starts Trading On NYSE

Covidien Plc (COV), a global provider of healthcare products, Monday announced the completion of the the separation of its Pharmaceuticals business. The new entity now held by Mallinckrodt plc will begin 'regular way' trading on the New York Stock Exchange under the symbol MNK.

The distribution of one Mallinckrodt ordinary shares for every eight Covidien ordinary shares held with record date of June 19, 2013.

Covidien announced the spin-off plans of the Pharmaceuticals business in December 2011 and the distribution of the ordinary shares was on June 28. The spin-off will enable both businesses to pursue their own strategic and operational plans, including setting optimal levels of investment in research and development and creating business-appropriate capital structures.

In fiscal 2012, excluding the Pharmaceuticals business, Covidien had annual sales of $9.9 billion and the Medical Devices business segment represented about 80% of the sales.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Social media app Snapchat has introduced a new location service, Snap Map, that will allow users of the app to see the location of all their friends on a map. The new feature will essentially allow a user to see where his friends are hanging out and what they are up to and also share his own location with friends in real time. The U.S. has suspended all imports of fresh beef from Brazil due to recurring concerns about the safety of the products. The suspension of shipments from Brazil, the fifth largest exporter of beef to the U.S., will remain in place until the Brazilian Ministry of Agriculture takes corrective action, the U.S. Department of Agriculture or USDA said in a statement. The annual Federal stress test was cleared by 34 top banks. The result shows strong capital levels and the ability of large banks to remain capitalized even in stressed situations. The Federal Reserve noted that these banks will be able to lend to households and businesses even at severe recession and throughout the economic cycle.
comments powered by Disqus
Follow RTT