A woman is suing Frito-Lay, the snack division of PepsiCo, for what she says is deceptive use of the phrase “all natural ingredients” on its packages of products like Tostitos […]
Italian luxury automaker Ferrari announced the immediate resignation of chairman Luca Cordero di Montezemolo, who has led the company for the past 23 years. Sergio Marchionne, CEO of Fiat, which owns 90% of Ferrari, will take over as chairman. Montezemolo leaves after a protracted disagreement with the board of directors and CEO over a number of decisions, including how to finance the planned IPO of Fiat Chrysler Automobiles.
September 8, 2014
In an update last week, D&B Editor Lynett Oliver discussed the financial success of implantable medical device maker Medtronic. The company reported 3% growth in fiscal 2013, hitting nearly $17 billion in sales. Medtronic is increasingly relying on international growth, with markets outside the US accounting for 45% of total revenue that year. In a big move to expand its global footprint, it has agreed to acquire fellow medical device maker Covidien for some $43 billion. The deal will also allow Medtronic to move its headquarters from the US to the more tax-friendly Ireland. Follow Lynett on Twitter.
September 8, 2014
In a move that could harm non-Chinese medical equipment firms, the China National Health and Planning Agency (NHPA) is pushing hospitals to purchase domestically made medical devices. The move, which includes proposed incentives for hospitals to buy domestic devices, could impact sales of equipment by foreign device manufacturers. Companies in the US, Europe, and Japan currently account for about 74 percent of China’s $34 billion medical device market. The move could also hasten the already growing trend of device makers forming joint ventures with or acquiring Chinese firms and building new plants in China, according to Forbes. Restrictions on sales of foreign-made medical devices to Chinese hospitals could limit revenue potential for companies looking to get a larger share of the country’s growing demand. Learn about more trends in First Research’s Medical Equipment and Supplies Manufacturing profile.