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First Quality acquires Covidien's retail products business
22 Dec '07
3 min read
First Quality Enterprises Inc and Covidien Ltd announced that the two companies have entered into a definitive agreement under which First Quality will acquire Covidien's Retail Products business for approximately $335 million, subject to certain adjustment provisions.
Covidien's Retail Products business, headquartered in King of Prussia, Pennsylvania, had sales of $744 million in fiscal 2007. The transaction, which is subject to customary closing conditions, is expected to be completed in the first calendar quarter of 2008.
The First Quality group of companies is comprised of three divisions - Absorbent Hygiene, Paper Products and Non-woven Material - serving the healthcare, retail and commercial channels.
With the addition of Covidien's Retail Products business and its complementary product lines, First Quality's Absorbent Hygiene business will have a more diversified product portfolio and a full range of adult incontinence, feminine hygiene, wet and dry wipes, and baby diaper products. This acquisition will enable First Quality to enhance its relationships with retail customers by offering broader, more innovative product lines and greater value.
"The acquisition of Covidien's Retail Products business is a compelling opportunity for First Quality," said Richard Martorella, Director of Finance and Treasury of First Quality. "The addition of Retail Products creates a more comprehensive Absorbent Hygiene business, solidifying First Quality's position in our three core areas”.
Covidien's Retail Products business, headquartered in King of Prussia, Pennsylvania, had sales of $744 million in fiscal 2007. The transaction, which is subject to customary closing conditions, is expected to be completed in the first calendar quarter of 2008.
The First Quality group of companies is comprised of three divisions - Absorbent Hygiene, Paper Products and Non-woven Material - serving the healthcare, retail and commercial channels.
With the addition of Covidien's Retail Products business and its complementary product lines, First Quality's Absorbent Hygiene business will have a more diversified product portfolio and a full range of adult incontinence, feminine hygiene, wet and dry wipes, and baby diaper products. This acquisition will enable First Quality to enhance its relationships with retail customers by offering broader, more innovative product lines and greater value.
"The acquisition of Covidien's Retail Products business is a compelling opportunity for First Quality," said Richard Martorella, Director of Finance and Treasury of First Quality. "The addition of Retail Products creates a more comprehensive Absorbent Hygiene business, solidifying First Quality's position in our three core areas”.
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