Medtronic, Inc. (MDT) to Close Middleast Operations of Ventor Technologies and Lay Off 55
3/23/2012 8:47:10 AM
Roughly three years after acquiring Ventor Technologies for $325 million, Medtronic (NYSE:MDT)is closing the Israeli operation and laying off 55 employees, according to an Israeli publication. Ventor Technologies brought transcatheter aortic valve technologies to Medtronic. A Medtronic spokesman confirmed Thursday that Ventor’s operations will cease in Israel, noting that the move is part of the company’s plan to consolidate the heart valve R&D programs. Medtronic CEO Omar Ishrak has promised to deliver operational efficiency at the company.