WARSAW, Ind., Aug. 3, 2011 /PRNewswire/ -- Symmetry Medical Inc. (NYSE: SMA), a leading global source of innovative medical device solutions, including orthopedic implants, surgical instruments, and sterilization cases and trays, announced today that it has signed a definitive agreement to acquire Olsen Medical, a privately-held, world leader in the design, development and manufacturing of electrosurgical instruments and accessories. Under the terms of the asset purchase agreement, Symmetry will acquire Olsen Medical's assets in an all cash transaction. The agreement has certain pre-closing conditions that must be satisfied, and the Company anticipates closing the acquisition by August 15, 2011. Symmetry anticipates that the transaction will be neutral to the Company's 2011 financial results, excluding acquisition and integration-related charges, and that it will be accretive to the Company's 2012 financial results.
Olsen Medical manufactures a full line of single-use and reusable bipolar and monopolar forceps, cords, electrosurgical pens/pencils, electrodes, and accessories. The Company's products are primarily sold in the United States and internationally through distributors. Olsen Medical's domestic distributor network includes Symmetry's wholly-owned subsidiary Specialty Surgical Instrumentation (SSI).
Thomas J. Sullivan, President and Chief Executive Officer of Symmetry Medical, said, "We have partnered with Olsen Medical for several years through our SSI subsidiary and know them to be innovative, with a strong brand name and market presence. We have had tremendous success selling Olsen's products, including their market leading disposable forceps product family, and are pleased to add Olsen to our Team. This acquisition is consistent with Symmetry's strategy to complement our core business as a medical device supplier with growth in our direct hospital business through expanded products and territories that are consistent with our expertise and market segments."
About Symmetry Medical Inc.
Symmetry Medical Inc. is a leading global source of innovative medical device solutions, including orthopedic implants, surgical instruments, and sterilization cases and trays. The Company's nearly 3,000 Teammates provide design, development and worldwide production capabilities for these products to customers in the orthopedic industry, other medical device markets, and specialized non-healthcare markets. Symmetry's trusted reputation and brands, broad Intellectual Property portfolio and commitment to innovation enable it to collaborate with hundreds of global medical device manufacturers as well as thousands of hospitals to provide solutions for today's needs and tomorrow's growth.
Forward Looking Statements
Statements in the press release regarding Symmetry Medical Inc.'s business which are not historical facts may be "forward-looking statements" that involve risks and uncertainties, within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are predictive in nature and are frequently identified by the use of terms such as "may," "might," "will," "should," "expect," "believe," "anticipate," "plan," "estimate," "intend," and similar words indicating possible future expectations, events or actions. Such predictive statements are not guarantees of future performance, and actual outcomes and results could differ materially from our current expectations. We refer you to the "Risk Factors" and "Forward Looking-Statements" sections in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission as well as the Company's other filings with the SEC, which are available on the SEC's Web site at www.sec.gov.
Symmetry Medical Inc.
Fred L. Hite
Senior Vice President
Chief Financial Officer
Investors and Media:
The Ruth Group
SOURCE Symmetry Medical Inc.