Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, August 28, 2014

Johnson & Johnson to seek buyer for medical device maker unit -WSJ, (NYSE: JNJ)

Johnson & Johnson plans to seek a buyer for its medical device maker business, Cordis Corp, The Wall Street Journal reported citing people familiar with the matter. The sale of Cordis could fetch between $1.5 billion and $2 billion, one of the people told the Journal, adding that the sales process for the establishment was still at an early stage.( contacted, J&J failed to comment on the matter.Bridgewater, New Jersey based Cordis manufactures treatments for vascular disease including stents and catheters. It has a workforce of about 5000 employees.

Johnson & Johnson is a holding company. The Company is engaged in the research and development, manufacture and sale of a broad range of products in the health care field. Shares of JNJ fell by 0.26% or $-0.27/share to $102.95. In the past year, the shares have traded as low as $85.50 and as high as $106.74. On average, 6112670 shares of JNJ exchange hands on a given day and today's volume is recorded at 3485694.