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.
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