Covidien

Covidien plc
Subsidiary
Traded as NYSE: COV
Industry Medical equipment
Fate Merged with Medtronic
Founded 2007
Defunct 2015
Headquarters Dublin, Ireland
Area served
 Worldwide
Key people
 Bryan Hanson, EVP and President, Covidien Group [1]
Products
Medical Devices
Surgical Supplies
Medical Supplies
Revenue Increase USD 10.7 Billion (2014)
Increase USD 1.99 Billion (2014)
Increase USD 3.6 Billion (2014)
Total assets Increase USD 16 Billion (2008)
Total equity Increase USD 8 Billion (2008)
Number of employees
 39,000 (2014)
Parent Medtronic
Website Covidien.com

Covidien plc was an Irish-headquartered global health care products company and manufacturer of medical devices and supplies. Covidien became an independent publicly traded company after being spun off from Tyco International in 2007. It was purchased by Medtronic in a transaction that closed in 2015.

History

Though formed as Covidien in 2007, Covidien traces its roots to 1903 when Henry P. Kendall took over a small textile mill in Walpole, Massachusetts, that produced cotton batts, carpet linings and absorbent cotton. The company later developed health and hygienic products. A number of other medical device companies eventually came together with the Kendall Company to form the foundation for Covidien.


By 1994, Kendall had become one of the world’s largest manufacturers of disposable medical supplies, wound care dressings, bandaging, elastic support and other vascular compression products. It became the basis of the Tyco Healthcare business when it was acquired by the company that year, along with Classic Medical, Uni-Patch and Promeon.

In 1998, Tyco Healthcare acquired Sherwood, Davis & Geck, a manufacturer and distributor of disposable medical products, and United States Surgical Corporation (U.S. Surgical), which provided suture and auto suture devices, along with energy-based devices, through its Valleylab brand. And, in 2000, Tyco Healthcare added respiratory and monitoring products provider Nellcor Puritan Bennett through the acquisition of Mallinckrodt Inc.

In 2007, Covidien was formed when Tyco International spun off its health care business. Since that time, Covidien has made a number of acquisitions including VNUS Medical Technologies, Aspect Medical Systems, Somanetics, ev3, BÂRRX, Newport Medical Instruments, superDimension, Oridion Systems and Given Imaging. Offshoring and focus on Low Cost Countries (LCC) resulted in several plant closures in the USA particularly a few in upper New York state.

In 2011, Jose E. Almeida became the President and CEO.

By the end of 2014, Covidien was operating in more than 150 countries globally, with 39,000+ employees in over 70 countries.

In June 2014, Covidien agreed to be acquired by Medtronic for $42.9 billion.

Business Units

Surgical Solutions: Covidien offers a range of products in this division – from advanced surgical technologies to general surgical products:

Vascular Therapies Covidien’s Vascular Therapies division collaborates across three different disciplines: arterial, venous to neurovascular solutions:

Respiratory & Monitoring Solutions Products from this division cover a range disciplines: from ventilation and airway management to patient monitoring and homecare:

Medical Supplies Products in this division are engineered to help prevent needle-stick injury, infection, cross-contamination and procedural errors, all while helping to create better patient outcomes:

Notable Brands

Surgical Solutions:

Vascular Therapies:

Respiratory and Monitoring Solutions:

Medical Supplies:

Etymology

The company name stems from the Latin words: “Co” which stands for together and “vi” for life.

Philanthropy

COVIDIEN CARES is Covidien’s global giving and community outreach program. Through this program, Covidien donates millions of dollars in health care products to support global health and humanitarian needs, medical missions and disaster relief.

Covidien collaborates with organizations in more than 30 countries that together reach millions of people in need. Annually, Covidien awards more than 350 grants to organizations that address the needs of local communities in which its employees live and work.

References

  1. ↑ "Medtronic: Leadership", medtronic.com

External links

This article is issued from Wikipedia - version of the Sunday, March 27, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.