Medtronic buys Italian med-tech company

<p>Medtronic Inc., which develops cardiovascular technology in Santa Rosa, is buying Italian medical device maker Invatec for up to $500 million, the two companies said Monday. </p><p>The European company will become part of the Medtronic business headquartered in Santa Rosa, said Scott Ward, president of Medtronic CardioVascular. </p><p>But Invatec's headquarters will remain in Europe and Ward does not expect staff will be added in Santa Rosa, where Medtronic employs about 840 workers. </p><p>Invatec brings a suite of products for treating peripheral vascular disease, a $2 billion market that is growing 10 percent a year. Medtronic will seek domestic market approval for some Invatec products that are currently sold only outside the U.S., Ward said. </p><p>“This is an important growth platform for our company,” he said. </p><p>Medtronic will pay $350 million for Invatec and an additional $150 million if it meets certain milestones.</p><p>Invatec employs about 900 people, mostly in Switzerland and at its headquarters in Brescia, Italy.</p>