News last week that Medtronic is buying an Irish firm and moving its headquarters to that country is prompting debate here in Minnesota and across the country. Medtronic says it needs to make the move so that millions of dollars of overseas profits can be taxed at a lower rate. That has members of Congress asking if it’s time to either change the tax code or make it harder for companies to make this kind of a move.
Minnesota-based Medtronic shocked the business world on Sunday. The giant medical device maker is buying a similar company in Ireland for $43 million. The reason? Hundreds of millions of dollars in tax savings.
Big changes are coming to Twin Cities-based Medtronic, which has released more details about an upcoming merger with Irish-based medical device manufacturer Covidien. On Sunday night, the Twin Cities based company announced plans to buy Covidien for $42.9 billion.
U.S. medical device manufacturer Medtronic says it has agreed to buy Ireland-based competitor Covidien for $42.9 billion in cash and stock, a 29 percent premium on Covidien’s stock price. The combined company would have its executive offices in Dublin, where it could benefit from Ireland’s lower corporate tax rates.
Medical device manufacturer Medtronic Inc. and French drugmaker Sanofi have joined in a project to develop new combinations of drugs and devices for diabetes care. The two major companies announced Saturday the “global strategic alliance,” which they said was aimed at improving experience and results for people with diabetes around the world.
Medical device maker Medtronic Inc. will pay the U.S. Department of Justice $9.9 million to settle a lawsuit that accused the company of giving doctors gifts in return for using its defibrillators and pacemakers.
Gustavus Adolphus College has named its next president, and for the first time in the school’s 152-year history, that president is a woman. Rebecca Bergman will be Gustavus’ 17th president when she takes over on July 1.
The University of Minnesota is recruiting students for a new master’s program in medical device innovation. The program is under the Technological Leadership Institute, part of the university’s College of Science and Engineering.
The U.S. Supreme Court won’t hear Medtronic’s appeal of a patent infringement lawsuit. Minnesota Public Radio News says the high court’s decision could cost the Fridley-based company $250 million in damages.
The Medtronic Twin Cities Marathon is set for this Sunday. A Plymouth woman won’t be running in that, but she will be in a competition that only a select-few qualify for.
Hockey greats are gathering Thursday night at the Xcel Energy Center in St. Paul to help raise money for the 2013 Bel13ve In Miracles Gala. Funds will go to spinal cord patients who can benefit from the same expensive therapy that has helped Jack Jablonski, the Benilde-St. Margaret’s hockey player who was hit during a game in December 2011 and became paralyzed.
The Medtronic Twin Cities Marathon is still more than three months away, but if you haven’t signed up for it you may be out of luck.
Medical device maker Medtronic will cut 500 jobs in Minnesota, as part of an overall elimination of approximately 2,000 jobs worldwide. A Medtronic spokeswoman said 65 percent of the job cuts have already occurred. The rest will be eliminated in the current fiscal year.
It’s among the oldest stretches of interstate in the Twin Cities metropolitan area, and at 124,000 vehicles traveling the beltway each day, Interstate 694 is also among the area’s most heavily traveled.
While lawmakers in Washington are working around the clock to avoid going over the fiscal cliff, Minnesota’s medical device manufacturers face a tax hike of their own.