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Home Industry News Medtronic announces merger of vascular and cardiac surgery segments

Medtronic announces merger of vascular and cardiac surgery segments

13th April 2007

Medtronic has announced the merger of its vascular and cardiac surgery business units, with both segments to be unified under the newly-established Medtronic CardioVascular business.

The newly-formed unit will have combined revenues of approximately $1.9 billion (0.96 billion pounds) and include employees, technology and operations focused on treatments for vascular, coronary artery and structural heart disease.

It will be headed by Scott Ward, currently senior vice-president of Medtronic and president of the vascular business unit.

Medtronic CardioVascular will be split into four subdivisions: coronary and peripheral; endovascular innovations; structural heart disease; and revascularisation and surgical therapies, with these operations remaining in their current location but pooling common business and scientific knowledge.

William Hawkins, president and chief operating officer of Medtronic, said: “Medtronic is combing these two world-class organisations to more strategically align our resources and investments aimed at treating and improving the lives of patients with cardiovascular disease.”

He added that the establishment of Medtronic CardioVascular could facilitate more growth at the firm, with efficiencies from the merger reinvested in research and technology.

In January 2007, Medtronic announced the election of former Johnson & Johnson vice-chairman and president James T Lenehan to the firm’s board of directors.

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