Oct 24 (Reuters) – Medtronic Inc (MDT.N) said on Monday it would spin off its patient monitoring and respiratory intervention businesses into a new company as it seeks a leaner portfolio.
Medtronic said it expects to complete the spin-off within the next 12 to 18 months, which will help the company unlock the value of the two divested businesses.
The patient monitoring technology portfolio includes Nellcor pulse oximeters and BIS brain monitoring, while the respiratory intervention portfolio includes ventilators, airway combinations and respiratory systems.
The two companies generated about $2.2 billion in revenue in the fiscal year ended April 29.
Medtronic shares rose 1.2% in premarket trading.
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Reporting by Leroy Leo in Bengaluru; Editing by Krishna Chandra Eluri and Maju Samuel
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