Just a little more than a year after Gaymar Industries .Gaymar Industries Latest from The Business Journals Goodbye, GoodwillGaymar CEO sees upside to saleGaymar Industries sold for 0M Follow this company .was acquired by Stryker Corp. .Stryker Corp. Latest from The Business Journals Regulations are driving VCs away from life sciencesLayoffs loom at StrykerNo tequila drought here, San Antonio is officially W.E.T. Follow this company .in a $150 million cash deal, the company is now shutting its area operations.
The closings in Orchard Park and West Seneca will put approximately 160 people out of work, Stryker announced Dec. 8.
The Orchard Park medical manufacturer, which specializes in support surface, pressure ulcer management solutions for the health-care industry, was bought by medical devices giant Stryker (NYSE: SYK) of Michigan in a deal announced in late summer 2010.
A statement from the company issued Thursday said the process of closing down production lines and relocating equipment to other Stryker sites or supply chain partners will take place in phases and will be completed by the end of 2012.
When the transaction was announced, Gaymar CEO Kent Davies said, “We’ve been working with them for 10 years. It’s always a subject to talk about how things can get better and where we can take the relationship.”
Gaymar Industries was founded in 1956 and, prior to the sale to Stryker, since 2003 had been owned by private equity firms Nautic Partners .Nautic Partners Latest from The Business Journals Pamlico Capital sells Mactec to AMECOmnicare sells purchasing unit, research businessOasis Outsourcing buys Advantec Follow this company .and Norwest Equity Partners .Norwest Equity Partners Latest from The Business Journals Amcom Software sold for 3MNorwest buys health care software firmGladney named CEO of Colorado startup Follow this company ..
The production facility in Guayama, Puerto Rico, is not impacted at this time by this change, and service and delivery to customers will not be affected, Stryker said in a statement.