Shanghai, China and Milan, Italy, May 28, 2014 – MicroPort Scientific Corporation (HK: 00853) and Sorin Group (Reuters Code: SORN.MI), announced today the official establishment of a joint venture company after receiving the business registration certificate from Shanghai Administration for Industry and Commerce.
The Shanghai-based joint-venture company, named MicroPort Sorin CRM (Shanghai) Co. Ltd, is scheduled to commence operations in June.
MicroPort holds 51 percent stake of the new firm, while Sorin Group holds the remaining 49 percent interest. The joint venture was approved by the Shanghai Municipal Commission of Commerce (COFCOM) on May 5.
The joint venture will allow MicroPort and Sorin to collaborate on the import, sale and service of Sorin's CRM devices in Greater China and accelerate the R&D and manufacturing of the local CRM products for the Chinese market.
About Sorin Group
Sorin Group (Reuters Code: SORN.MI), is a global medical device company and a leader in the treatment of cardiovascular diseases. The Company develops, manufactures and markets medical technologies for cardiac surgery and for the treatment of cardiac rhythm disorders. With 3,750 employees worldwide, the Company focuses on two major therapeutic areas: Cardiac Surgery (cardiopulmonary products for open heart surgery and heart valve repair or replacement products) and Cardiac Rhythm Management (pacemakers, defibrillators, cardiac resynchronization devices). Every year, over one million patients are treated with Sorin Group devices in more than 80 countries.