Medtronic, Inc. Announces Intent To Spin-Off Market Leading External Defibrillation Business; Spin-Off Of Medtronic, Inc.'s Physio-Control Emergency Response Systems Business Will Create A New Company With Approximately $450 Million In Annual Sales
MINNEAPOLIS--(BUSINESS WIRE)--Medtronic, Inc. (NYSE:MDT) today announced that its Board of Directors has authorized the spin-off of its Emergency Response Systems Business into a publicly traded, independent company, to operate under the name of Physio-Control, Inc. Estimated annual sales for the new company are approximately $450 million (fiscal year 2007).