DUBLIN, Aug 30, 2010 (BUSINESS WIRE) —

Covidien (NYSE: COV), a leading global provider of healthcare
products, today announced that it has completed the previously
announced sale of its Specialty Chemicals business to an affiliate
of New Mountain Capital, L.L.C. for a cash purchase price of
approximately $280 million.

The decision to divest Specialty Chemicals was made following a
thorough evaluation of a number of strategic alternatives. The
decision is consistent with Covidien’s strategy to streamline its
portfolio and reallocate resources to its faster-growing,
higher-margin businesses, where the Company has or can develop a
global competitive advantage.

The business is currently reported as a discontinued operation
and the transaction is not expected to have a material effect on
Covidien’s operating income or earnings per share for fiscal 2010
or 2011.

ABOUT COVIDIEN

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 three segments: Medical Devices,
Pharmaceuticals and Medical Supplies. With 2009 revenue of $10.3
billion, Covidien has 42,000 employees worldwide in more than 60
countries, and its products are sold in over 140 countries. Please
visit
www.covidien.com to learn more about our business.

SOURCE