First Quality acquires Covidien's retail products business
22 Dec '07
3 min read
“Together, the First Quality Absorbent Hygiene division will provide customers with a full suite of premium products serving the infant care, adult incontinence and feminine hygiene segments. We welcome Covidien's Retail Products business and its hardworking and dedicated employees to the First Quality family."
Richard J. Meelia, President and Chief Executive Officer of Covidien said, "Retail Products has been part of Covidien for nearly a decade and has a workforce committed to delivering high-quality products to North American retailers. Following a thorough review and evaluation of strategic alternatives for the business, we determined that the unique characteristics of Retail Products did not fit with Covidien's goal to be the leading global healthcare products company".
"This transaction is consistent with Covidien's strategy to focus its portfolio and reallocate resources to its core healthcare business. We look forward to working closely with First Quality's talented team and we anticipate a smooth transition."
Beginning in the first quarter of fiscal 2008, Covidien will report the Retail Products business as a discontinued operation.
Goldman, Sachs & Co. served as financial advisor to First Quality and Morgan Stanley served as financial advisor to Covidien.
Founded in 1990, First Quality Enterprises Inc and its affiliates are a closely-held diversified group of companies manufacturing, selling and distributing branded and private label absorbent hygiene, paper and non-woven products into the healthcare, retail and commercial channels.
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 five segments: Medical Devices, Pharmaceutical Products, Imaging Solutions, Medical Supplies and Retail Products.
marketing@alchempro.com
