Medical product venture formed

LUEBECK, Germany (Jan. 20)—Draegerwerk A.G.'s medical products manufacturing unit and the Electromedical Systems Division of Siemens A.G.'s Medical Solutions company will be merged to form a joint venture. The activities of the two operations will be combined to form Draeger Medical A.G. & Co. KgaA once the required antitrust clearances have been received, which is expected in the first half. Both companies have completed due diligence. Munich, Germany-based Siemens will receive a 35-percent share in the merged company in exchange for contributing its division while Draeger will hold the remaining 65-percent stake, according to the spokeswoman. Draeger Medical is the largest division of Luebeck-headquartered Draegerwerk.