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Covidien divests sleep diagnostics, oxygen therapy products

This article was originally published in The Gray Sheet

Executive Summary

Diversified device firm will sell its sleep diagnostics product line to Embla and its oxygen therapy products to Chart Industries for undisclosed terms under separate definitive agreements, announced Sept. 3. Covidien also is seeking to divest its sleep therapy product offerings. The three product lines generated 2008 sales of $175 million. The decision to divest the three businesses is in line with Covidien's strategy to reallocate resources to faster-growing, higher-margin businesses where it can "develop a global competitive advantage," the company says. The move will allow Covidien to "better focus" on its Puritan Bennett ventilation and respiratory care offerings, and Nellcor pulse oximetry and critical care products, notes Morgan Stanley analyst David Lewis
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