Covidien jettisons specialty chemicals unit

May 26, 2010 by MassDevice staff

Covidien plc sells its specialty chemicals business to New Mountain Capital L.L.C. for $280 million in cash.

COV logo

Covidien plc (NYSE:COV) sold its specialty chemical unit to New York-based private equity firm New Mountain Capital LLC for $280 million in cash.

The sale involves the J.T. Baker and Mallinckrodt Laboratory Chemicals brands, which are based in Phillipsburg, N.J. Covidien said it expects the deal to close by the end of fiscal 2010.

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