Medtronic has completed the purchase of Invatec, along with two of its affiliates, Fogazzi and Hamburg, Germany-based Krauth Cardiovascular, for up to $500 million.
Minneapolis-based Medtronic said that the new transaction will be headed by Ross Allen, its general manager and a 19-year veteran of Medtronic, who most recently was the company’s vice president (VP) of finance. Invatec’s Andrea Venturelli will serve as VP of research and development and CTO, while Stefan Widensohler will be VP of global sales.
Under the acquisition, which was announced in January, Medtronic said it will continue Invatec’s European operations. To maintain the operations, Medtronic has purchased Invatec's Brescia, Italy, site and has extended the lease with its Frauenfeld, Switzerland, facility.
According to Medtronic, Fogazzi provides polymer technology to Invatec and Krauth has aided in the expansion of its German market.