1990s The company established its International Division, located in Brussels, Belgium, in 1990. In April 1991, St. Jude Medical engaged in a joint venture with Hancock Jaffe Laboratories to create Heart Valve Company. The joint venture was formed to design and market new tissue heart valves for the American market. The first Heart Valve Company tissue heart valve was implanted in a human patient in 1994. In March 1993, Ronald Matricaria, a former president of Eli Lilly & Company's North American division, replaced Lehmkuhl as president and CEO of St. Jude Medical. Lehmkuhl, who had presided over a ninefold increase in annual sales during his tenure as CEO, was named chairman of the St. Jude Medical board. Matricaria pushed for increasing diversification and expanded St. Jude Medical's acquisition hunt. In June 1994, the company announced that it would acquire the Pacesetter, Inc., the heart pacemaker division of Siemens AG, for $500 million. At the time of its acquisition by St. Jude Medical, Pacesetter was the second largest pacemaker manufacturer worldwide. In January 1996, St. Jude Medical further diversified its business when it acquired Minnetonka, Minnesota-based Daig Corporation for $425 million. Daig Corporation manufactured cardiac catheters for diagnostic and therapeutic uses. Also in January of that year, St. Jude Medical became the sole owner of Heart Valve Company when it purchased Hancock Jaffe Laboratories' 50% share in the joint venture. St. Jude Medical acquired Biocor Industria, a Brazilian manufacturer of tissue heart valves, in September 1996. In 1997, St. Jude Medical acquired Ventritex, a Sunnyvale, California-based manufacturer of implantable cardioverter-defibrillators for $352 million. At the time of its acquisition, Ventritex was the third-largest manufacturer of defibrillators. In February 1999, St. Jude Medical acquired Tyco International's Angio-Seal business. Angio-Seal manufactured collagen-based plugs to close arterial holes made during arterial catheter procedures. Matricaria stepped down as St. Jude Medical CEO in March 1999. He was replaced by Terry Shepherd, who had served as president of St. Jude Medical's heart valve business since 1994. Matricaria retained chairmanship of the St. Jude Medical board. 2000s In 2004, St. Jude Medical CEO Terry Shepherd retired. The company's stock had increased 277% during his tenure as CEO. St. Jude Medical COO Daniel Starks was appointed to replace Shepherd as the company's CEO. Starks had previously served as chief executive officer of Daig Corporation from 1986 to 1996, when St. Jude Medical acquired the company. Starks had been