What products does Covidien manufacture
Minneapolis / Dublin (dpa) - The medical technology industry is facing a merger worth billions. The US group Medtronic wants to swallow its Irish competitor Covidien for around 42.9 billion dollars (31.7 billion euros), as both sides announced on Monday night.
Medtronic manufactures pacemakers and drug pumps, while Covidien specializes in surgical instruments and products for intensive care medicine, among other things. Both companies plan to close the transaction in early 2015 at the latest. Medtronic and Covidien are also active in Germany.
The companies hope that the merger will bring about a significant reduction in their annual costs. These should be at least $ 850 million lower in fiscal year 2018 than last. Then the takeover should also drive up profits. The supervisory authorities in the USA, the European Union, China and other countries still have to approve the project. Bloomberg analyst Jason McGorman sees no reason for antitrust concerns, however, as the product ranges of the companies hardly overlap.
As part of the deal, Medtronic is relocating its tax headquarters to Covidien's home country of Ireland. The state is known for its low tax rates. The merger, however, is primarily about strategic and business alignment, emphasized Medtronic boss Omar Ishrak. The company's tax rate will remain roughly the same after the company's headquarters have moved to Dublin.
However, the company will be able to better use its profits generated outside the US after the merger. He wants to invest this in the business of the industry. "This is important in order to boost the medical technology industry in the US," said Ishrak. Medtronic plans to invest at least ten billion dollars over the next ten years.
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