Covidien has completed the sale of its specialty chemical business to an affiliate of New York private equity firm New Mountain Capital for $280m.
The sale includes a manufacturing plant in Nancy, France, related commercial operations in Europe, and several products sold under the GoodKnight and Sandman brands.
The New Jersey-based company produces high-purity chemicals under brand names such as JT Baker and Mallinckrodt Laboratory Chemicals.
The divestment is part of Covidien's strategy to streamline its portfolio and reallocate resources.
Covidien reported 2009 sales of $10.7bn.
