Covidien has entered a definitive agreement to sell its Specialty Chemicals business to an affiliate of New Mountain Capital, for $280 million in cash. The decision is part of Covidien’s strategy to streamline its portfolio and reallocate resources to its faster-growing, higher-margin businesses. Covidien’s Specialty Chemicals business, headquartered in Phillipsburg, NJ, manufactures and markets high-purity chemicals and related products and services under J.T.Baker and Mallinckrodt Laborator...