Medtronic Inc plc is an American medical device company based in Ireland for tax purposes.
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28 Facts About Medtronic Inc
2.
Medtronic Inc has an operational and executive headquarters in Minneapolis, Minnesota in the US.
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3.
In 2015, Medtronic acquired Irish–tax registered Covidien, in the largest U S corporate tax inversion in history, which enabled Medtronic to move its legal registration from the U S to Ireland.
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4.
Medtronic Inc was founded in 1949 in Minneapolis by Earl Bakken and his brother-in-law, Palmer Hermundslie, as a medical equipment repair shop.
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5.
Medtronic Inc built headquarters in the Minneapolis suburb of St Anthony, Minnesota, in 1960 and the company moved to Fridley in the 1970s.
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In 1997, Medtronic Inc opened a production site for implantable pacemakers and brain pacemakers in Tolochenaz, Switzerland.
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7.
In May 2019, Medtronic Inc announced it would acquire Titan Spine, a technology company focusing on titanium spine implants.
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8.
In January 2022, the business announced it would acquire Affera, Inc In March, Medtronic announced a contract with Vizient, a healthcare performance improvement company, to add Medtronic's Touch Surgery Enterprise platform to Vizient's healthcare offerings.
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9.
In May 2018, Medtronic Inc was ranked as the world's largest medical device company by 2017 revenues .
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10.
In May 2018, Medtronic Inc was ranked as the largest corporate tax inversion in history.
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11.
Medtronic Inc has four main business units: the Minimally Invasive Therapies Group, the Diabetes Group, the Restorative Therapies Group, and the Cardiac and Vascular Group.
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12.
An independently-operating Dutch pacemaker manufacturer, Vitatron, acquired by Medtronic Inc in 1986, is a European subsidiary of the unit.
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13.
In 2007, Medtronic Inc recalled its Sprint Fidelis product, the flexible wires, or leads, which connect a defibrillator to the interior of the heart.
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14.
Medtronic Inc is the world leader in spinal and musculoskeletal therapies.
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15.
In 2007, Medtronic Inc purchased Kyphon, a manufacturer and seller of spinal implants that are necessary for procedures like kyphoplasty.
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16.
In May 2008, Medtronic Inc Spine agreed to pay the US government $75 million to settle a qui tam lawsuit after a whistleblower alleged that Medtronic Inc committed Medicare fraud.
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17.
Medtronic Inc was charged with illegally convincing healthcare providers to offer kyphoplasty, a spinal fracture repair surgery, as an inpatient, not an outpatient, procedure to make thousands of dollars more in profits per surgery.
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18.
Diabetes management manufacturing and sales division of Medtronic Inc is based on the perimeter of the California State University, Northridge campus in Northridge, California.
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19.
On 11 May 2009, Medtronic Inc announced it had chosen San Antonio, Texas, for the location of its new Diabetes Therapy Management and Education Center.
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20.
Medtronic Inc responded by assuring users of the full safety of its devices.
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21.
On 30 March 2020, Medtronic Inc shared its portable ventilator design specifications during the outbreak of COVID-19 pandemic, in order to accelerate global ventilator production.
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22.
Medtronic Inc is a corporate partner of Human Rights Campaign, a large LGBT advocacy organization.
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23.
In 2010, PETA attempted to stop Medtronic Inc's reported use of live animals in testing and training.
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24.
Medtronic Inc continues to use live animals for testing and training but has said that it will look for alternatives in the future.
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25.
In June 2014, Medtronic announced it would execute a tax inversion to Ireland by acquiring Irish-based Covidien plc, for $42.
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The tax inversion enabled Medtronic to move its legal headquarters to Ireland, while maintaining its operational and executive headquarters in the U S, thus allowing it to avoid taxation on more than $14 billion held overseas, and avail of Ireland's beneficial low corporation tax regime.
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27.
In 2016, the Star Tribune reported that Medtronic was still winning U S Federal contracts and attending U S trade-missions as a U S company.
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28.
In contrast, on the same day Medtronic Inc's capitalization was listed on Bloomberg at just over $130 billion .
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