We need your help now
Support from readers like you keeps The Journal open.
You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.
If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.
Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
By continuing, you are indicating that you accept our Terms of Service and Privacy Policy.
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.
To embed this post, copy the code below on your site
Amazing acts of courage and also quick thinking under pressure. I’m sure many people would have frozen up trying to think what to do. Well done to all.
Wow they’re all amazing stories! Great to read good press about the guards instead of the usual negativity.
Well done to all commended in the ceremony.
These incidents all happened in Mayo? – jaysus Bergerac could start up again in Mayo.
Well done to all recipients…
Hero or doing the right thing either well done :)
Well done to all involved, heroes one and all!
One thing tho… Why didn’t the reserve get one when both the full time members got one for the second incident?
Yes thought that was very odd he rescued the same man and put his life at risk why no award for the reserve Garda
Barrett spoiled the photo…
Glad the brave guy rescued the toddler. I joke the parent was given a Darwin award.
There are so many things wrong with your comment, I don’t even know where to start.
have your say