Biotech, Covidien, Restructuring

Covidien Cuts Costs in All Four Business Units, Corporate

Luke Timmerman 9/29/08

Covidien, the Bermuda-based healthcare products company that is one of the largest life sciences companies in Massachusetts, said today it is implementing a restructuring program that includes projects in all four of its business segments and in corporate. The company didn’t disclose any job cuts, although it said it plans to take a $200 million charge for the program, and that it will save $50 million to $75 million a year once it is completed. Covidien’s four business lines are medical devices, imaging solutions, pharmaceutical products, and medical supplies.

Luke Timmerman is the National Biotechnology Editor for Xconomy. You can e-mail him at ltimmerman@xconomy.com, call 206-624-2374, or follow him on Twitter at http://twitter.com/ldtimmerman.