KALAMAZOO, Mich., Nov. 30 /PRNewswire-FirstCall/ -- Stryker Corporation today announced a definitive agreement to acquire privately held Ascent Healthcare Solutions, Inc. the market leader in the reprocessing and remanufacturing of medical devices in the U.S.
Ascent Healthcare Solutions was formed through the 2005 merger of Vanguard Medical Concepts and Alliance Medical Corporation, two leading players in the reprocessing and remanufacturing of medical devices. With two state of the art reprocessing facilities in Phoenix, Arizona and Lakeland, Florida, Ascent currently provides its services to 1,800 leading hospitals and numerous Group Purchasing Organizations throughout North America. Ascent's market leadership position has been driven by its broad product offering, which includes cardiovascular, orthopaedics, gastroenterology and general surgery devices that must comply with the U.S. Food and Drug Administration's 510(k) and Quality System Regulation (QSR) requirements. With over 900 team members, Ascent achieved sales in 2008 in excess of $100 million.
The transaction, which is expected to close by year end 2009, is expected to be neutral to Stryker's 2010 earnings per share and accretive thereafter.
About Ascent Healthcare Solutions
Ascent Healthcare Solutions was formed in December, 2005 through the merger of Alliance Medical Corporation, based in Phoenix, Arizona and Vanguard Medical Concepts, based in Lakeland, Florida. The Company's services include reprocessing and remanufacturing medical devices. The company is headquartered in Phoenix, Arizona, with production facilities in both Lakeland, Florida and Phoenix, Arizona. Ascent employs approximately 900 individuals in these two locations and throughout the United States.
CONTACT: For investor relations inquiries, Katherine Owen, Vice President,
Strategy and Investor Relations of Stryker Corporation, +1-269-385-2600; or
for media inquiries, Gabrielle Zucker, Kwittken & Company, +1-646-747-7143,
Web site: http://www.stryker.com/