Healthcare products and medical device maker Covidien Plc said it will purchase privately owned Newport Medical for about $108 million to gain access to ventilator devices.The acquisition, which comes days after Covidien clinched a deal to buy Israel-based respiratory systems maker superDimension Ltd for about $300 million, signals the company's efforts to consolidate in the medical devices segment.The acquisition of Newport is expected to be completed in the second quarter of this year, and will not have a material impact on Covidien's fiscal 2012 results, the company said in a statement."Newport's products and technology... will broaden our ventilation platform for patients around the world, particularly in emerging markets," said Robert J. White, president of the Covidien's respiratory & monitoring systems unit.
Covidien Public Limited Company is engaged in the development, manufacture and sale of healthcare products for use in clinical and home settings. Shares of COV fell by 0.37% or $-0.2/share to $53.61. In the past year, the shares have traded as low as $41.35 and as high as $57.65. On average, 2995300 shares of COV exchange hands on a given day and today's volume is recorded at 2043978.
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