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.
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.
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