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Latest Device Giant: Covidien

Today's Boston Globe features a story on a large device company that is new, yet old. Tyco International Ltd. has formalized plans to spin off its medical products division.

The new company will be called Covidien and will be based in Mansfield, MA, giving the state a second device-industry titan to accompany Boston Scientific. The 43,000-employee company with more than 10,000 products will focus exclusively on the medical market and hopefully avoid the financial shenanigans that brought down its soon-to-be-former parent company. If Tyco shareholders and the SEC approve, the spinoff would happen in April.

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