Medical-device maker Medtronic plans to separate its diabetes business into a stand-alone company, the company said, in a move that hives off a division that had struggled but recently returned to growth.

CEO Geoff Martha told investors the split simplifies Medtronic’s portfolio, while creating a stand-alone diabetes tech competitor.

Global medical device company Medtronic announced Wednesday that it intends to separate its diabetes business into a standalone company. The new diabetes company will focus on accelerating innovation and addressing intensive insulin management, according to a news release from Fridley-based Medtronic.