Renova Group and Medtronic create Russian JV

Renova Group and Medtronic have executed an agreement on creating a joint-venture to be called Stentex to deal with the manufacturing of medical equipment in Russia.

Renova Group and Medtronic create Russian JV

Renova Group and Medtronic have executed an agreement on creating a joint-venture to be called Stentex to deal with the manufacturing of medical equipment in Russia.

Their production localization process requires a staged transfer to Russia of all key technology employed to manufacture stents and balloon catheters, including drug-coated stents, as well as the introduction of a comprehensive product quality control system. "The products to be manufactured by the company will allow to annually do more than 100,000 stent angioplasty surgeries facilitating the saving of Russian patents' lives and reducing of CDV mortality", Renova's representatives said.

RUB 9 billion of investments will allow constructing a research and production compound with an area exceeding 11,000 sq.m. and creating 700 new jobs.

"Stentex's mission is to facilitate addressing serious health care challenges. This project is also intimately associated with globalization as Medtronic's strategic priority. Russia is one of the fastest growing markets featuring a great potential. We are proud that now our technology will be more widely used in treating cardiovascular diseases and helping to save the lives of Russian patients", Rob ten Hoedt, Medtronic's Executive Vice President, Europe, Middle East & Africa, said.