Medtronic Looking for Acquisitions Abroad, CEO Ishrak Says

Medtronic Inc., the world’s largest maker of heart-rhythm devices, is looking for acquisitions abroad and has about $2 billion a year to spend, Chief Executive Officer Omar Ishrak said.

Medtronic generates about $4 billion annually in free cash, and uses about half of it for dividends and to buy back shares, Ishrak said today at the J.P. Morgan Healthcare Conference in San Francisco. The remaining money is available for acquisitions, provided the right targets are found, he said.