Shinva, GE Healthcare Create Medical Device Company with $25M

Shinva Medical and GE Healthcare will invest $25 million to create medical device manufacturing company Xinhua GE Medical Systems.

The new company, which will be located in Zibo, Shandong Province, will focus on X-ray equipment and be involved in research and development, manufacturing and sales.

Under the deal, China-based Shinva will hold a 51 percent stake in the new company, and GE will hold 49 percent.

The venture will be the fourth company that Waukesha, Wis.-based GE Healthcare has established in China since it became involved in the country in 1979. Last year, GE Healthcare had revenues of $17 billion worldwide, and in 2005, it realized $700 million in China revenues.

Shinva Medical, with 60 years of experience in medical devices, produces sterilizers, radiotherapy equipment, digital diagnosis equipment, surgical instruments, disposable syringes, environmental protection equipment for medical use and sterilization testing products.