Covidien Announces Continued Relationship with NYSE Euronext
Spin-off Mallinckrodt plc Will Apply for NYSE Listing
DUBLIN--(BUSINESS WIRE)-- Covidien (NYS: COV) , a leading global provider of healthcare products, today announced that Mallinckrodt plc intends to apply to list its ordinary shares on the New York Stock Exchange (NYSE) to trade under the symbol MNK.
As previously announced, Covidien plans to spin off its Pharmaceuticals business into Mallinckrodt, a stand-alone company, a process expected to be completed in mid-2013.
"We are very pleased to continue our relationship with the NYSE and look forward to enhancing our brand image in conjunction with NYSE Euronext," said José E. Almeida, Chairman, President and CEO. "After a careful review, we decided that Mallinckrodt should be listed on the NYSE. We recognize the value of their deep community, unique visibility opportunities and innovative market structure, and believe it is in the best interest of both companies to be aligned with the NYSE. We look forward to continuing our strong and long engagement with the world's leading global exchange."
"This represents another important milestone for Mallinckrodt," said Mark Trudeau, President, Pharmaceuticals. "As we move closer to becoming an independent, publicly traded company, we look forward to working with NYSE Euronext and to the many mutual benefits that this partnership will provide."
"We are delighted to be expanding our relationship with Covidien, an outstanding leader in the healthcare product space, and to be welcoming Mallinckrodt back into our community of world-class listed companies," said Lawrence Leibowitz, Chief Operating Officer, NYSE Euronext. "We look forward to providing the highest levels of market quality and service, and to continuing our partnership with both companies and their shareholders in the years ahead."
Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in three segments: Medical Devices, Pharmaceuticals and Medical Supplies. With 2012 revenue of $11.9 billion, Covidien has 43,000 employees worldwide in 70 countries, and its products are sold in over 140 countries. Please visit www.covidien.com to learn more about our business.
Mallinckrodt, the pharmaceuticals business of Covidien, is a vertically integrated leader in providing products used in diagnostic procedures and in the treatment of pain and related conditions. The company is the largest U.S. supplier, by prescription, of opioid pain medications and a leading manufacturer of active pharmaceutical ingredients. It is also the largest U.S. supplier of the medical isotope technetium-99m and an industry leader in radiopharmaceuticals and contrast media and delivery systems. Sales in 2012 were $2.0 billion. Please visit www.mallinckrodt.com to learn more about our business.
Bruce Farmer, 508-452-4372
Coleman Lannum, CFA, 508-452-4343
Todd Carpenter, 508-452-4363
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