Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Covidien Completes Spin Off, Mallinckrodt Starts Trading On NYSE

RELATED NEWS
Trade COV now with 

Covidien Plc (COV: Quote), 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.

Click here to receive FREE breaking news email alerts for Covidien Plc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
British manufacturing growth eased further in August to its lowest level in 14 months as output and demand increased at slower rates, survey results from Markit Economics showed Monday. The Markit/CIPS Purchasing Managers' Index dropped to 52.5 from a revised 54.8 in July. Economists had expected the score to fall to 55.1 from July's original figure of 55.4. Consumers spent less in July than in the previous month, a surprise retreat that complicates the prevailing belief that the U.S. economic situation is improving. Along with the unexpected drop in spending, government figures released on Friday showed that incomes rose at a slower pace in July than in the previous month. Meanwhile, data on prices indicated that inflation pressures remain tame. India's economy grew faster-than-expected in the three months to June and at the strongest pace in two years, preliminary figures from the Central Statistics Office revealed Friday. Gross domestic product grew 5.7 percent in the April to June quarter, which exceeded economists' forecast for 5.5 percent expansion. The economy grew 4.6 percent in the previous three months.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.