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Investing.com -- Medtronic (NYSE:MDT), the medical-device maker, is planning to separate its diabetes division into an independent, publicly traded company, the Wall Street Journal reported on Wednesday.
The diabetes division of Medtronic generated close to $2.5 billion in sales for the fiscal year that ended in April 2024, marking a 10% increase from the previous year.
Overall, Medtronic reported more than $32 billion in sales for the same year.
The separation process, which is expected to be completed within 18 months, will allow the diabetes business to grow at a faster rate, the Journal reported.
It will also enable Medtronic, which is based in Galway, Ireland but operates out of Minneapolis, to boost the growth of its other divisions, it added.
The new company, yet to be named, will be publicly traded, the report said.
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