Healthcare Industry News: Mallinckrodt
News Release - January 25, 2007
Tyco Healthcare Announces New NameCovidien Selected As New Name of Global Healthcare Leader Following Separation from Tyco International
MANSFIELD, Mass., Jan. 25 (HSMN NewsFeed) -- Tyco Healthcare today announced that Covidien will be its new name once the global healthcare leader separates from parent company Tyco International this spring and becomes an independent, publicly traded company.
"Covidien is an expression of our role as a leader in the healthcare industry and marks the start of an exciting new chapter for us," said Richard J. Meelia, President and CEO, Tyco Healthcare. "The name reflects our corporate goal to build and strengthen our role as an integral healthcare partner, supporting the lifesaving work of medical professionals."
Tyco Healthcare is a leading global manufacturer and distributor of medical products, with annual sales of nearly $10 billion. Its product portfolio includes disposable medical supplies, monitoring equipment, medical instruments and bulk analgesic pharmaceuticals.
The Covidien brand will be the master identifier that unites Tyco Healthcare's many well-known and highly respected brand names, including Autosuture, Kendall, Mallinckrodt, Nellcor, Puritan Bennett, Syneture, and Valleylab.
Its upcoming separation from Tyco International will introduce a new era for the diversified healthcare products organization, which employs more than 43,000 people worldwide. As Covidien, the newly independent company will embark on a distinct new direction that focuses exclusively on healthcare and benefits from increased flexibility to invest in innovation and organic growth.
Covidien is an original name, inspired by themes of collaboration and life. It was selected for its global meaning and appeal from among some 6,000 possible names in a rigorous process that began more than nine months ago.
"Covidien was the result of a careful process that focused on distilling from our customers, employees and industry experts the attributes of a best- in-class healthcare business," said Eric Kraus, Senior Vice President, Corporate Communications, Tyco Healthcare. "We're confident that our new identity as Covidien will help us strengthen our ongoing partnership in the lifesaving work of medical professionals, creating far-reaching benefits for improved patient care."
ABOUT TYCO INTERNATIONAL
Tyco International Ltd. is a global, diversified company that provides vital products and services to customers in four business segments: Electronics, Fire & Security, Healthcare, and Engineered Products & Services. With 2006 revenue of $41 billion, Tyco employs approximately 250,000 people worldwide. More information on Tyco can be found at www.tyco.com.
ABOUT TYCO HEALTHCARE
As a major business segment of Tyco International Ltd., Tyco Healthcare manufactures, distributes and services an extensive product line that includes disposable medical supplies, monitoring equipment, innovative wound closure products, advanced surgical devices, medical instruments and bulk analgesic pharmaceuticals. With industry-leading brand names such as Autosuture, Kendall, Mallinckrodt, Nellcor, Puritan Bennett, Syneture, United States Surgical and Valleylab, Tyco Healthcare products are found in virtually every healthcare setting. For further information, please visit the website at www.tycohealthcare.com.
Source: Tyco Healthcare
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