Fried Frank Reps New Mountain In $280M Covidien Deal

Law360, New York (May 26, 2010, 3:47 PM EDT) -- Covidien PLC announced Wednesday that it has agreed to sell its specialty chemicals business Mallinckrodt Baker Inc. to an affiliate of private equity firm Blue Mountain Capital LLC for $280 million.

Mallinckrodt Baker makes high-purity chemicals used in the laboratory, pharmaceutical and microelectronics industries, and sells its products under the brand names J.T. Baker and Mallinckrodt Laboratory Chemicals.

Dublin-based Covidien said it decided to divest the business to help streamline its portfolio and reallocate resources to its “faster-growing, higher-margin businesses” where the company “has or can...
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