Switzerland based ISP business sells medical consumable products in four main categories like drapes and gowns, custom procedure trays, surgeon and exam gloves and fluid management products and generates sales of approximately $440m annually.

As part of the agreement, Medline will continue to distribute CareFusion products in certain geographies and the acquisition is expected to close in April, subject to customary conditions.

CareFusion former chairman and CEO David Schlotterbeck said the divestiture of ISP will focus CareFusion on the growth opportunities they have outside the US for their core medical technologies and disposable products.

"Medline is an ideal fit for our global ISP employees and customers, who will benefit from the alignment with an industry leader in medical products manufacturing and distribution," Schlotterbeck said.