Tyco Healthcare names spin-off unit

Tyco Healthcare has announced that the global healthcare division it is to spin-off the firm as an independently traded company this spring will be known as Covidien.

Over 43,000 people worldwide are employed by the healthcare unit, which will develop a new direction when it gains independence, with a focus purely on healthcare and enhanced flexibility allowing the company to better invest in innovation.

Covidien will unite a number of existing Tyco Healthcare brand names, including Autosuture, Kendall, Mallinckdrodt, Nellcor, Puritan Bennet, Syneture and Valleylab.

Richard J Meelia, president and chief executive officer of Tyco Healthcare, said: “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.”

He added that the name itself reflected the company’s aim to develop and enhance its position as a partner in integral healthcare supporting the work of care professionals and result in improved medical care for patients.

Tyco Healthcare is a global manufacturer and distributor of medical devices. Its products include monitoring equipment, disposable medical supplies and bulk analgesic pharmaceuticals sold worldwide under a number of brand names.

Earlier this month, the parent company Tyco International filed a number of documents with the Securities and Exchange Commission in the US relating to its division into three public companies.