Medtronic opens China HQ
This article was originally published in Clinica
Executive Summary
Medtronic has established new headquarters in Shanghai, China, which will serve as a centre for its growing operations in the region. The company plans to expand its activities in China by hiring and training 1,000 new employees there in the next five years, and will also invest in R&D, clinical studies and manufacturing. The move is in stark contrast to Medtronic's plans to cut up to 2,000 jobs, announced last month when it posted modest growth in its third fiscal quarter (www.clinica.co.uk, 22 February 2011). At the time, the Minneapolis, Minnesota company had said that these cuts were more likely to come in slower-growing developed markets rather than developing economies (www.clinica.co.uk, 23 February 2011). Medtronic opened its first office in Shanghai in 1996. In 2008, the firm formed a joint venture with Weigao Group, a local leading medical device company.