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Business Briefing: Medtronic Chief Defends Deal for Irish Company

Posted by Unknown on Tuesday, August 19, 2014


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Business Day |Medtronic Chief Defends Deal for Irish Company



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Business Day | Business Briefing






Medtronic’s chief executive, Omar Ishrak, defended his company’s $42.9 billion plan to acquire Dublin-based Covidien in a so-called inversion deal, saying the medical device maker will be able to create more jobs in the United States while still paying substantial taxes once the transaction closes. Mr. Ishrak, in remarks on Tuesday during the company’s earnings conference call, said Medtronic expected to invest “much more aggressively” in the United States after the deal closed. Net earnings fell to $871 million, or 87 cents a share, in the first quarter ended July 25, from $953 million, or 93 cents a share, a year earlier. Excluding restructuring charges and costs related to the Covidien acquisition, Medtronic earned 93 cents a share. Analysts on average expected 92 cents, according to Thomson Reuters.



A version of this brief appears in print on August 20, 2014, on page B2 of the New York edition with the headline: Medtronic Chief Defends Deal For Irish Company .




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