Medtronic Inc. is spending $66.2 million to take a 26 percent share of a Chinese medical-device maker ? the second big China deal Medtronic has made in the last month.
Medtronic Inc. is spending $66.2 million to take a 26 percent share of a Chinese medical-device maker ? the second big China deal Medtronic has made in the last month.
Fridley-based Medtronic (NYSE: MDT) said in a news release it was investing in LifeTech Scientific Corp., which makes cardiovascular devices.
Medtronic is spending $46.6 million to buy a 19 percent equity stake in the Chinese company, and then adding a $19.6 million convertible note for another 7 percent ownership. The deal is expected to close by the end of the year.
At the end of last month, Medtronic said it was spending $816 million to buy China Kanghui Holdings Inc., a maker of orthopedic implants.
"China is key to our global strategy as we continue to expand our geographic footprint and strive to meet the needs of local cardiovascular patients," Mike Coyle, executive vice president and president of the Cardiac and Vascular Group at Medtronic, said in a statement Monday.
>Click here to read the company's news release.
Ed Stych reports on Twin Cities breaking business news for mspbj.com, manages online features and writes the Workshop and Fast 50 Diary features for the print edition
Follow Your Favorites with My News
My News is a way to create a customized news feed based on companies and industries that matter to you.
chronicle george lopez bedtime stories micron susan g komen kenyon martin kenyon martin
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.