Bermuda-based Covidien Ltd. has completed the previously announced sale of its Retail Products business to an affiliate of First Quality Enterprises, Inc. for $330 million in cash.

The sale of Retail Products is part of Covidien's strategy to focus its portfolio and reallocate resources to its core healthcare business. This portfolio strategy also includes the previously-announced definitive agreement to sell Covidien's European Incontinence business, as well as the plan to divest its Specialty Chemicals business.