Medtronic to spin off local defibrillator unit
News report from The Seattle Times:
Physio-Control, the pioneering medical-device company from Redmond that developed the world’s first portable heart defibrillator, is going back to its roots.
The medical-device giant Medtronic said Monday it is spinning off its defibrillator division into an independent, publicly traded company under its original name, Physio-Control.
The reborn Physio-Control will have about 1,200 employees globally, in 100 countries, with 800 at its Willows Road headquarters in research and development, manufacturing and administration. It estimates it will have about $450 million a year in sales, with estimated annual sales growth of 10 percent to 12 percent.
“Physio-Control really created this industry,” said Brian Webster, 43, who will run Physio-Control as chief executive. “We’ve enjoyed market share leadership in this business for 51 years, and we intend to keep it that way.”
Webster said the company does not plan layoffs, and may do some hiring to expand.
Read entire article at seattletimes.nwsource.com.