Medtronic Announces $500 Million Expansion Plan
Medtronic says it will pay up to $500 million for Invatec, a company that makes medical devices to treat cardiovascular disease. The company will pay $350 million initially to Invatec, which makes stents, angioplasty balloons and related therapies.
The purchase also includes Fogazzi, which supplies polymer technology to Invatec, and Krauth Cardiovascular, a distributor. Medtronic, based in Minneapolis, will pay to up $150 million extra if Invatec hits certain milestones.
Invatec employs about 900 workers, mainly in Italy and Switzerland.