Covidien plc (NYSE:COV) said it closed a pair of deals for its sleep therapy and specialty chemicals businesses.
The Mansfield, Mass.-based company dealt its specialty chemicals business to New Mountain Capital LLC for about $280 million in cash and sold its sleep therapy unit to Luxembourg-based PH Capital for an undisclosed amount.
Covidien announced the specialty chemicals deal in May, calling the plan to jettison the Phillipsburg, N.J.-based J.T. Baker and Mallinckrodt Laboratory Chemicals brands part of a plan to “streamline its portfolio and re-allocate resources to its faster-growing, higher-margin businesses.”
In June the company moved that plan along, saying it had closed a deal for its U.S. radiopharmacies business to Triad Isotopes Inc. and announcing the sleep therapy deal with investment management firm PH Invest. That deal includes a manufacturing plant in Nancy, France, other operations in Europe and the GoodKnight and Sandman brands.
Covidien said neither deal is expected to affect operating income or earnings per share this year or next.