Medtronic to Pay $500M Charge Due to Restructuring
Tuesday, September 29, 2015
After its $49.9 billion Covidien acquisition in January, Medtronic PLC on Monday said it executed an internal restructuring that triggered a one-time U.S. tax charge of $500 million but will make a net $9.3 billion available for general company spending. Medtronic moved its legal domicile from Fridley to Ireland earlier this year as part of its acquisition of surgical supplier Covidien, citing enhanced spending flexibility from moving headquarters overseas as one key benefit of the deal. The company kept its executives’ offices in Fridley and committed to making enhanced investments in the U.S.