Covidien starts trading in NY and Bermuda

Pembroke, Bermuda-based Covidien has begun trading on the New York and Bermuda Stock Exchanges, marking its debut as an independent diversified health care products company. The business, formerly known as Tyco Healthcare, recently spun off from Tyco International.

Company chief executive Richard Meelia said that "Covidien is distinguished by its outstanding portfolio of well-established and highly respected global brands that are leaders in several fast-growing product categories. As a premier provider of medical devices, supplies, imaging products and pharmaceuticals, we look forward to strengthening our longtime collaborative partnerships with medical professionals and institutions as we identify critical clinical needs and meet them with innovative, quality products." With industry-leading brand names that include Autosuture, Kendall, Mallinckrodt, Nellcor, Puritan Bennett, Syneture, US Surgical and Valleylab, Covidien products compete in five business segments: medical devices, imaging solutions, pharmaceutical products, medical supplies and retail products. In 2006, the firm saw revenues of $9.6 billion, with over one-third of its sales made outside the USA.