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
Microsoft's (MSFT) office assistant Cortana for iOS beta has arrived, but only 2000 people will be able to test the virtual assistant. Apple confirmed that it has bought face animation software firm Faceshift, although it was tight lipped about how it intends to use the new addition. The move is speculated as a bid to expand into virtual reality. Environment ministry of South Korea Thursday ordered Volkswagen Korea to recall 125,522 diesel vehicles on determining actual emissions of nitrogen oxides. The ministry has asked the German automobile maker to pay a fine of 14.1 billion Won or $12.31 million. The company has to submit a recall plan by January 6, 2016.
comments powered by Disqus
Follow RTT