Stryker Will Buy Implant Maker Memometal Technologies For $162 Million
Kalamazoo, Michigan - June 6, 2011- Stryker Corporation (NYSE:SYK) announced today a definitive agreement to acquire privately-held Memometal Technologies S.A. (Memometal) in an all cash transaction for $150 million and up to an additional $12 million of milestone payments. France based Memometal develops, manufactures and markets products for extremity indications based on its proprietary methods for preparing and manufacturing a shape memory metal alloy. Memometal is rapidly establishing its differentiated technology in the global extremity device market with a broad range of products for the foot and ankle as well as the hand and wrist market. With sales in 2010 of roughly $30 million, Memometal's differentiated, comprehensive and proprietary product portfolio will allow Stryker to gain broader access into the fast growing extremities market.
"The acquisition of Memometal provides Stryker with the platform to further establish our company as a key player in the rapidly growing foot and hand segment of the extremities market and creates a strong presence in the podiatric surgery market," said Stephen P. MacMillan, Chairman, President and Chief Executive Officer of Stryker.
The closing of the transaction is subject to customary closing conditions. Upon closing, the transaction is expected to be neutral to Stryker's 2011 earnings per share excluding acquisition and integration-related charges. The transaction is expected to close in the third quarter of 2011.
Stryker is one of the world's leading medical technology companies and is dedicated to helping healthcare professionals perform their jobs more efficiently while enhancing patient care. The Company offers a diverse array of innovative medical technologies including reconstructive implants, medical and surgical equipment, and neurotechnology and spine products to help people lead more active and more satisfying lives. For more information about Stryker, please visit www.stryker.com.