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US MEDICAL DEVICE manufacturer Medtronic has struck a deal worth €32 billion in cash and stock for healthcare technology player Covidien, which has significant operations in Ireland.
As part of the deal, the executive leadership of the company will move to Ireland, with Medtronic operational headquarters remaining in Minneapolis where it employs more than 8,000 people.
The new entity will have 87,000 employees in 150 countries around the world.
Commenting on the news Medtronic chairman Omar Ishrak, who will move to Ireland to head up the corporate management team, said:
“This acquisition will allow Medtronic to reach more patients, in more ways and in more places. Our expertise and portfolio of services will allow us to serve our customers more efficiently and better address the demands of the current healthcare marketplace.”
Revenues
The deal could be beneficial for the new entity from a tax perspective, with combined revenues €13 billion in revenues from non-US markets now potentially not having to be banked in the States.
Ishrak told Reuters that the deal was not driven by tax considerations.
In a statement, Covidien and Medtronic said that the primary purpose of the deal was to “combine products, services and insights into solutions aimed at expanding access and reducing healthcare costs”.
Medtronic maintained that the new company will remain “committed to the US as a healthcare innovator, strategic business partner and employer of choice”.
The deal, which still must be approved by shareholders of both companies, is likely to go through towards the end of this year or at the start of 2015.
It is expected to result in at least $850 million (€628 million) in annual pre-tax cost savings by the end of fiscal year 2018.
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Dense drivers ain’t gonna help either.
Heavy fog on way to work. Of the 100s of cars I saw only 2 had fog lights on. Talk about dense – in every sense of the word!
@Patrice Ahern: I Hope they turn them off when fog has lifted
@Philip Murphy: that’s the problem, some don’t. You regularly see some thickos have their front fog lights on 24/7, no matter the weather. Maybe they think it makes them look ‘brighter’ (I’ll get my coat) in
@Patrice Ahern: If you can see the cars ahead without the foglights, foglights are not needed. It’s really dense to use foglights on bumper to bumper traffic blinding everybody behind you where you can see the queue ahead anyway.
@Sami Hentunen: Correct, fog lights should be used like full headlights, turn them on and off as required but that won’t happen…
@Patrice Ahern: I’d hazard a guess they weren’t driving any slower than usual either.
Never mind the fog it’s an ice rink in Navan, move over ice man of 2010…. there is a new kid in town….me lol ouch
No fog here in West Cork and all Priority 1 and Priority 2 roads gritted. Well done to Cork Co. Co!!
@Sean O’Dhubhghaill: How did Cork Co Co get rid of the fog? Please let us know, don’t be keeping all the secrets in Cork
@Denis Conroy: Maybe they sold it on eBay?
My favourite part of the article was tonight is described as “very cold” by met eireann .. just had a vision of fr ted talking to dougal
I live in Dublin and there was no fog or frost this morning
@Gerry R: Good job you told us!
@Gerry R: the sea breeze rose the coastal temperature above freezing
This is the time they won’t turn on their fog lights.
Everyday is a fog day in my head.
Tipping minus 8 for last few nights in w cork. Just about made 2degrees for an hour and heading south again. The light showers today will make roads lethal by 8pm. For God’s sake stay at home and only travel for emergency. Your worth it.
I’m working from home tomorrow, thank god. I almost broke my neck on numerous occasions this morning.
@Gavin Gray: Slow down my man,there’s no need to go at break neck speed.
@Gavin Gray: Get ice grips at least, it’s lethal underfoot without them.
@F Fitzgerald: Hi FF,good to see ya again. Well,that broke the ice
You wouldn’t be long getting frost bit.
Coldplay. It was all yellow.
jaysus it’s called winter.. natin to do with klimaat change..
Children in Gaza sleeping in DIY tents. How cold is that? israel
@Barry Williams. Those sheep are cold, the one’s over there are far far colder.
@P. V. Aglue: It’s nice to have a happy ewe near
Snowing in my part of Wexford now… 0145
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