Covidien Sells Specialty Chemicals Business for $280 Million

Covidien, an Ireland-based provider of healthcare products with a major U.S. presence, today announced that it has completed the previously announced sale of its specialty chemicals business to New Mountain Capital for about $280 million in cash. The decision to sell the unit is consistent with Covidien’s strategy to streamline its portfolio and reallocate resources to its faster-growing, higher-margin businesses, the company said. Covidien manufactures product lines in three segments -- medical devices, pharmaceuticals and medical supplies.