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Medtronic Announces $500 Million Expansion Plan

Mon, 01/25/2010 - 5:49am

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.

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