A Chinese English-language newspaper — China Daily — is reporting that Medtronic (NYSE:MDT) is planning to double its workforce in the Asian nation in four years.
That will mean 2,000 employees will work at the Minnesota device maker’s Chinese operations in 2015. Job openings will be available on all fronts — from sales and marketing to research and development.
Emerging markets make up 60 percent of Medtronic’s international revenue and China accounts for 40 percent of those emerging markets, confirmed Steve Cragle, a Medtronic spokesman.
“Emerging markets and the largest emerging market are absolutely important to our overall growth,” Cragle noted.
Earlier this year in March, Medtronic, which makes new innovative medical devices, opened a new regional headquarters building in Shanghai.
The Chinese article quoted Medtronic’s Jean-Luc Butel, executive vice president and group president of Medtronic International, saying that Medtronic aims to form new relationships with the Chinese medical device industry through joint ventures and M&A activity.
In 2008, Medtronic and Shandong Weigao Group created a joint venture with Medtronic holding a 51 percent stake. The joint venture was created to market Medtronic’s spinal products and Weigao’s orthopedic products, which include therapies for the hip, shoulder, spine and trauma in China.
By Arundhati Parmar
Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.More posts by Author
@R Vann looks like you forgot the 8 years of GOP leadership and corruption that place us where we are. You Sir are a small minded thinker, take your pretentions and go elsewhere, maybe China.
Ever here of the "Golden Rule?" Money goes where it is treated best and that is not the US today. These companies don't choose to leave the US, they are forced to by a Federal Government that over regulates and over taxes. Instead, put the blame squarely where it belongs; the Democratic Party and the socialist ilk that support them. Don't blame these companies for fulfilling their fiduciary obligation. Their only obligation is to legally make a profit for stock holders, of which jobs, taxes collected from those employees and ultimately the corporation are all byproducts that benefit the government of the country they locate too. For 250 years, that economic philosophy served this country well. I thank God everyday that there are still countries around that demonstrate daily to all of those big government and tax increase idiot's that their economic ideology that rewards misfits and dependency is and always will be a failure. Unfortunately for the now minority of us in the US that understand Keynesian economic theories combined with a government that has exceeded its enumerated powers, the economic and social outcomes were/are predictable. After all, allowing one political party to continue to reward prospective voters with the legitimate private property of others, is the "collective" tactic that for generations has subsidized the breeding of intergenerational government dependents that have bankrupted this country. Demographics seem to indicate the most productive economic system in the world is about to be eradicated thanks to this group of underachievers their Cheerleader, the Democratic Party.
With Medtronic and other device makers moving operations outside of the US, it is no wonder the US economy is in the toilet. Manufacturing is the basis of any good economy, and it's all going to China, India, and other "developing" countries. In search of profits, the big American corporations are ruining the United States. Very soon we will be the "has been" trying to keep our economy going on service sector jobs. These companies are making very big mistake in my opinion.