Medical equipment company Medtronic Inc has completed its $755 million acquisition of Jiangsu-based China Kanghui Holdings, a Chinese provider of orthopedic devices.
Chris O'Connell, executive vice-president and president of Medtronic's Restorative Therapies Group, said that China is one of the fastest-growing medical device markets with significant scale opportunities.
"Medtronic will establish a bigger and more direct local presence. Kanghui brings Medtronic a broad product portfolio, a strong local research and development and manufacturing operation, a vast China distribution network and an exceptional management team," he said.
Kanghui brings a strong product portfolio and new products pipeline in trauma, spine and joint reconstruction.
"We are proud of the company we've built and recognize there is a tremendous opportunity to accelerate our global vision by building on Medtronic's size, scale and expertise as part of this combined organization," said Yang Libo, CEO of Kanghui.
Yang said that his company goal's is to promote its products to the international market via Medtronic's technological support and marketing network.
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