Covidien
{{short description|Irish registered healthcare products company}}
{{Update|date=August 2022}}{{Use dmy dates|date=September 2021}}
{{Use Hiberno-English|date=September 2021}}
{{Infobox company
| name = Covidien plc
| logo = File:Cov hrz rgb pos.jpg
| type = Subsidiary
| area_served = Worldwide
| foundation = 2007
| defunct = 2015
| fate = Merged with Medtronic
| key_people = José E. Almeida {{small|(CEO)}}
Bryan Hanson {{small|(EVP and President, Covidien Group)}}[http://www.medtronic.com/us-en/about-3/medtronic-plc-leadership.html "Medtronic: Leadership"], medtronic.com
| industry = Medical equipment
| products = Medical devices
Surgical supplies
Medical supplies
| revenue =
| operating_income =
| net_income =
| assets =
| equity =
| num_employees = 39,000 (2014)
| homepage = [http://www.covidien.com Covidien.com]
}}
Covidien plc was an Irish-headquartered global health care products company and manufacturer of medical devices and supplies. Covidien became an independent publicly traded company after being spun off from Tyco International in 2007.{{Cite web|url=https://www.sleepreviewmag.com/uncategorized/covidien-goes-public/|title=Covidien Goes Public|last=Staff|first=Sleep Review|date=2007-07-12|website=Sleep Review|language=en-US|access-date=2020-04-15}} It was purchased by Medtronic in a transaction that closed in 2015. The now-merged company is headquartered in Ireland, where Covidien was based.{{Cite web|url=https://money.cnn.com/2014/06/15/investing/medtronic-covidien/index.html|title=Medtronic buys Covidien for $42.9 billion|last=Riley|first=Charles|date=2014-06-15|website=CNNMoney|access-date=2019-02-11}}
History
In 2007, Covidien was formed when Tyco International spun off its health care business.{{Cite web|url=https://www.mddionline.com/business/tyco-healthcare-to-become-covidien|title=Tyco Healthcare to Become Covidien|website=MDDIOnline.com|language=en|access-date=2025-02-27}}
In 2009, Covidien acquired Aspect Medical Systems, a manufacturer of brain monitoring sensors and monitors for $210 million.{{Cite web|url=https://www.reuters.com/article/business/covidien-to-buy-aspect-medical-for-210-mln-idUSBNG146133/|title=Covidien to buy Aspect Medical for $210 mln|website=Reuters|language=en|access-date=2025-02-27}}
in 2010, Covidien acquired Somanetics, a manufacturer of INVOS regional saturation monitors for $250 million.{{Cite web|url=https://www.sec.gov/Archives/edgar/data/1385187/000119312510140321/dex991.htm|title=Covidien Announces Definitive Agreement to Acquire Somanetics Corporation|website=SEC.gov|language=en|access-date=2025-02-27}}
Newport Medical Instruments, a modest ventilator provider and manufacturer, was purchased by Covidien in 2012. Newport Medical Instruments had been contracted in 2006 by the U.S. Department of Health and Human Services' Biomedical Advanced Research and Development Authority to design a cheap, portable ventilator. At the time, Newport Medical Instruments had three working prototypes produced, and was on schedule to file for market approval late 2013. Covidien then effectively halted the project, subsequently exiting the contract, citing the reason that it was not profitable enough due to significant design faults which had to be corrected with extensive redesign with minimal impact to regulatory requirements. Government officials and other medical equipment suppliers suspected that the Newport acquisition was largely done to prevent a cheaper product from undermining Covidien's existing ventilator business. This contributed to the shortage of ventilators during the COVID-19 pandemic.{{cite news |vauthors=Kulish N, Sarah Kliff S, Silver-Greenberg J |title=The U.S. Tried to Build a New Fleet of Ventilators. The Mission Failed |url=https://www.nytimes.com/2020/03/29/business/coronavirus-us-ventilator-shortage.html |access-date=30 March 2020 |work=The New York Times |date=29 March 2020}}
In October 2013, Covidien sold its Confluent Surgical product line for $235 million to Integra LifeSciences, including its DuraSeal, VascuSeal and SprayShield products.{{Cite web|title=Covidien flips surgical sealants to Integra for $235M|url=https://www.fiercebiotech.com/medical-devices/covidien-flips-surgical-sealants-to-integra-for-235m|access-date=2021-09-12|website=FierceBiotech|date=29 October 2013 |language=en}}
In January 2014, Covidien acquired WEM Electronic Equipment, based in Ribeirão Preto, Brazil.{{cite web |author= |title=Covidien anuncia aquisição da paulista WEM |url=http://saudebusiness.com/noticias/covidien-anuncia-aquisicao-da-paulista-wem/ |url-status=dead |archive-url=https://web.archive.org/web/20161017073651/http://saudebusiness.com/noticias/covidien-anuncia-aquisicao-da-paulista-wem/ |archive-date=17 October 2016 |access-date=4 June 2016 |website=saudebusiness.com}}
In May 2014, Covidien acquired Zephyr Technology, a maker of wearable sensors and monitoring systems for an undisclosed amount.{{Cite web|url=https://www.massdevice.com/report-covidien-acquires-zephyrs-wearable-monitors/|title=Confirmed: Covidien acquires Zephyr's wearable monitors|website=massdevice.com|language=en|access-date=2025-02-27}}
In June 2014, Covidien agreed to be acquired by Medtronic for $42.9 billion.{{Cite web|url=http://finance.yahoo.com/news/analyzing-medtronic-acquisition-covidien-080445888.html|title=Analyzing Medtronic's Acquisition of Covidien|website=finance.yahoo.com|date=15 April 2016 |language=en-US|access-date=2019-01-29}}{{Cite web|url=http://investorrelations.medtronic.com/medtronic-covidien-transaction-information|title=Medtronic - Covidien Transaction Information|website=medtronic.com|language=en-US|access-date=2020-05-08|archive-date=9 May 2022|archive-url=https://web.archive.org/web/20220509182736/https://investorrelations.medtronic.com/medtronic-covidien-transaction-information/|url-status=dead}}
References
{{reflist}}
External links
- [http://www.covidien.com/ Covidien.com]
- [http://www.marketwatch.com/tools/quotes/profile.asp?symb=COV&sid=2743669&dist=TQP_Nav_profile/ Covidien Company Profile at MarketWatch]
- [https://finance.yahoo.com/q/ks?s=COV Key Statistics]
{{Medtronic|state=autocollapse}}
{{Pharmaceutical companies of the United States}}
Category:Health care companies of Ireland
Category:Companies formerly listed on the New York Stock Exchange
Category:Multinational companies
Category:Defunct pharmaceutical companies of the United States
Category:Companies based in Massachusetts
Category:Pharmaceutical companies established in 2007
Category:Health care companies established in 2007