Medtronic moves Ventor's operations overseas

The 55 employees at heart valve developer Ventor in Netanya are being fired. Medtronic bought Ventor for $325 million in 2009.

Medtronic Inc (NYSE: MDT) is closing heart-valve developer Ventor Technologies in Netanya, and transferring its R&D activity to other sites around the world. Medtronic acquired Ventor Technologies for $325 million in 2009.

Founded in 2004, Ventor developed minimally-invasive replacement aortic valves, called the Engager (formerly Embracer), eliminating the need for open-heart surgery.

Medtronic says that it is closing Ventor because it has successfully completed the preparatory research and recruited patients for the clinical trial needed for EU CE Mark certification of the bioprosthesis aorta valves.

Ventor has 55 employees, who will be fired. The company said that the employees will receive all the benefits due to them by law, as well as additional benefits, such as job placement services. After this process in completed within two months, Medtronic will close the facility. Ventor CEO Guy Ezekiel will stay on during this period.

Published by Globes [online], Israel business news - - on March 21, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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