NEW YORK (AP) — Medical device maker’s Medtronic Inc. said Tuesday it will acquire a 15 percent stake in Shandong Weigao Group Medical Polymer Co. Ltd. for $221 million and form a joint venture with the China-based company.
''China is key to our global strategy as we continue to expand our geographic footprint,'' Medtronic President and Chief Executive Bill Hawkins said in a statement.
The joint venture will market Medtronic spinal products and Weigao orthopedic products in China, with Medtronic owning a 51 percent interest in the collaboration.