Boston Scientific Corporation Seeks Permission for a $41 Million Development in Cork, Aims to Create 600 New Jobs
Published: Oct 18, 2011
Boston Scientific Corp. (NYSE:BSX) began seeking approval for a $41 building project in Ireland to house the neurovascular unit it sold to Stryker Corp. (NYSE:SYK) earlier this year. The 100,000 square foot facility will live on Boston Scientific's Cork, Ireland, campus but will be operated by Stryker, and some 600 local BSX employees will transfer to the new facility when it's ready. Stryker picked up BSX's neurovascular unit for $1.5 billion early this year, a price that analysts called a "pretty impressive valuation for an underperforming asset."