Medtronic And Weigao Announce Joint Venture In China

One more manufacturer looks to China...BD

Medtronic, Inc. (NYSE:MDT) ("Medtronic") and Shandong Weigao Group Medical Polymer Company Limited (Hong Kong Stock Exchange: 8199) ("Weigao") announced that they have agreed to form a joint venture to market therapies in the spine and orthopedics sector and that Medtronic would acquire a 15% equity interest in Weigao.
The joint venture will market in China Medtronic's spinal products and Weigao's orthopedic products which include therapies for the hip, shoulder, spine and trauma. Under the joint venture agreement ("Joint Venture Agreement"), Medtronic will have a 51% interest in the joint venture and Weigao will have a 49% interest.
"China is key to our global strategy as we continue to expand our geographic footprint," said Bill Hawkins, Medtronic president and CEO. "Weigao has a broad orthopedic and trauma product line that compliments Medtronic's offerings, but even more importantly, we feel we can generate synergies with their very strong presence and reputation in China. We view Weigao as an ideal strategic partner."