Orthofix deals vascular unit to Covidien for a $19 million net

March 9, 2010 by MassDevice staff

Orthofix International offloads its vascular compression products business to Covidien, saying it will net about $19 million from the deal, and boosts its full-year earnings guidance.

OFIX logo

Orthofix International NV (NSDQ:OFIX) sold its vascular compression products business to Covidien (NYSE:COV) in a deal it said should yield about $19 million Orthofix will use to pay down its debt.

The Dutch firm, which maintains its U.S. headquarters in Boston, said the deal includes its AV-Impulse mechanical compression technology and is aimed at focusing on "strategic market segments that represent long term growth potential," CEO Alan Milinazzo said in prepared remarks.

Get the complete picture with a MassDevice Plus membership. Registered users can login here.