Covidien

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Covidien plc
Subsidiary
ISINIE00B68SQD29 Edit this on Wikidata
IndustryMedical equipment
FateMerged with Medtronic
Founded2007
Defunct2015
HeadquartersDublin, Ireland
Area served
Worldwide
Key people
José E. Almeida (CEO)
Bryan Hanson (EVP and President, Covidien Group)[1]
Products
Medical devices
Surgical supplies
Medical supplies
RevenueIncrease US$10.7 billion (2014)
Increase US$1.99 billion (2014)
Increase US$3.6 billion (2014)
Total assetsIncrease US$16 billion (2008)
Total equityIncrease US$8 billion (2008)
Number of employees
39,000 (2014)
ParentMedtronic
WebsiteCovidien.com

Covidien 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. The now merged company is headquartered in Ireland, where Covidien was based.[2]

History[edit]

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, United States, 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.[citation needed]

In 2007, Covidien was formed when Tyco International spun off its health care business.[3] 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 and Norwood, Massachusetts.

In 2011, José E. Almeida became the Chairman, CEO, and President.

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

In January 2014, Covidien acquires WEM Electronic Equipment, based in Ribeirão Preto.[4]

In June 2014, Covidien agreed to be acquired by Medtronic for $42.9 billion.[5]

Etymology[edit]

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

Philanthropy[edit]

"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.[citation needed]

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

References[edit]

  1. ^ "Medtronic: Leadership", medtronic.com
  2. ^ Riley, Charles (2014-06-15). "Medtronic buys Covidien for $42.9 billion". CNNMoney. Retrieved 2019-02-11.
  3. ^ Anonymous (2007-02-01). "Tyco Healthcare to Become Covidien". MDDI Online. Retrieved 2020-01-17.
  4. ^ Saúde Web Página visitada em 10 de maio de 2014. "Covidien anuncia aquisição da paulista WEM".
  5. ^ "Analyzing Medtronic's Acquisition of Covidien". finance.yahoo.com. Retrieved 2019-01-29.

External links[edit]