MANSFIELD – Covidien has officially moved its incorporation from a British island to the British Isles.
The health products company, which has its corporate offices in Mansfield but is incorporated abroad, received approval last week from the Supreme Court of Bermuda to move its incorporation from there to Ireland. Shareholders had signed off on the switch a week earlier.
“Ireland has a stable business, legal and regulatory environment and enjoys strong relationships as a member of the European Union,” Richard J. Meelia, Covidien’s chairman, president and CEO, said in a statement. “Additionally, Ireland enjoys a long history of international investment and a good network of tax treaties with the United States, the European Union and many other countries where Covidien has major operations.”
Covidien has had operations in Ireland for nearly three decades. Meelia also noted that “Ireland is a beneficial location for the expanding Covidien markets in Europe, Asia and Africa.”
The parent company’s name will change from Covidien Ltd. to Covidien plc. Its symbol on the New York Stock Exchange, COV, will not change, and Covidien Ltd. shareholders have received shares in Covidien plc.
Separately, the U.S. Food and Drug Administration’s four-member Neurological Devices Panel last month unanimously recommended that the agency approve the use of DuraSeal, a sealant formula developed by Covidien, during spinal surgery.
The panel recommended that DuraSeal, which is already approved for use during brain surgery, also be approved for the prevention of spinal fluid leakage during surgery, a spokeswoman for the FDA told The Associated Press.
However, the panel also said Covidien should conduct a study to determine if they are any post-surgical complications and should include a packaging label that says the sealant’s effectiveness is roughly the same as stitches.
The FDA is not required to follow the advisory panel’s recommendations.
Covidien plc (NYSE: COV) – formerly Tyco Healthcare – is a $9.91 billion manufacturer of medical devices and supplies for the global market. It became an independent public company in 2007 and has its U.S. headquarters in Mansfield, Mass., with other offices in 59 countries. For more information, visit Covidien.com.
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