UPDATE: Covidien closes oxygen therapy sale to Chart Industries

September 3, 2009 by MassDevice staff

Covidien closes deals to sell its oxygen therapy line to Chart Industries Inc. and its sleep diagnotics line to Embla for undisclosed amounts.

Covidien closes oxygen therapy sale to Chart Industries

Covidien (NYSE: COV) closed the deal to sell its oxygen therapy line to Chart Industries Inc. for an undisclosed amount, part of its move to streamline operations and focus on faster-growing, higher-margin businesses.

The Mansfield, Mass.-based medical device maker said the sale includes its Companion and Helios brands. The deal with Garfield Heights, Ohio-based Chart Industries is part of a trio of deals Covien announced in March, including a buyout of its to Broomfield, Colo.-based Embla (also on undisclosed terms) and a proposal for the disposition of its its sleep therapy product line. The Embla sale closed in late September.

All three lines generated about $175 million in sales last year and about $100 million during the first three quarters of 2009.

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