Medtronic
Combines Vascular and Cardiac Stent, Endovascular and Surgery Businesses New CardioVascular Business Assembles
Full Spectrum of Surgical and
Minimally Invasive Products for Cardiovascular
Disease
Minneapolis, April 11, 2007 --
Coronary stents, endovascular aortic stent grafts, valve repair and open heart
coronary
bypass products will now all be combined as Medtronic Cardiovascular, a new business
within
Medtronic,
Inc.
The new CardioVascular business at Medtronic will bring together people, technology and worldwide operations focused on delivering products, treatments and therapies for coronary artery, vascular and structural heart disease. The new business will have combined revenues of approximately $1.9 billion (FY07) and will consist of four major divisions:
Coronary and Peripheral – minimally
invasive catheter and stent-based technologies for the treatment
of atherosclerosis;
Endovascular Innovations – stent
grafts for the treatment of aortic abdominal and thoracic aneurysms;
Structural
Heart Disease – products for the treatment of heart
valve disease and atrial fibrillation; and
Revascularization and Surgical
Therapies – open heart and coronary
bypass grafting surgical products
The four core divisions will remain in their current locations but
will leverage common business processes and specific functional infrastructure
while expanding scientific knowledge and engineering capabilities
to advance cardiovascular care.
“ Medtronic is combining these two world-class organizations to more strategically align our resources and investments aimed at treating and improving the lives of patients with cardiovascular disease,” said William Hawkins, president and chief operating officer of Medtronic. “This new business unit also provides Medtronic the opportunity for more growth, as we translate certain efficiencies gained by this combination into new investments in research, clinical studies and technology.”
The new CardioVascular business unit will be led by Scott Ward, who
currently serves as senior vice president and president of the company’s Vascular business. Ward joined Medtronic in 1981 and has been president of the Vascular business since May 2004. Prior to his current position, Ward served as president of the company’s Neurological and Diabetes businesses.
“ The new CardioVascular business will assemble an exceptional collection of people, technology and global operations that will be focused on collaborating with physicians to improve the quality of care for people with cardiovascular disease,” said Ward. “Medtronic will continue to be a powerful innovative force supporting the convergence of cardiovascular specialties focused on applying both surgical and minimally invasive approaches to patient care.”
About Medtronic
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis,
is the global leader in medical technology, alleviating pain, restoring
health and extending life for millions of people around the world.
Any
forward-looking statements are subject to risks and uncertainties
such as those described in
Medtronic’s
Annual Report on Form 10-K for the year ended April 28, 2006.
Actual results may differ materially from anticipated results.
source: Medtronic, Inc.
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