WARSAW, Ind., June 4 /PRNewswire-FirstCall/ -- Symmetry Medical Inc. , an independent provider of products to the global orthopaedic device industry and other medical markets, announced today the completion of over $5 million strategic investment in high precision design, development and manufacturing equipment at its Design and Development Center (DDC) in Warsaw, Indiana.
Brian Moore, President and Chief Executive Officer, said, “The spine, trauma and reconstructive orthopedic markets are being increasingly driven by computerized systems and demand for high precision design, development and manufacturing capabilities. The addition of this highly sophisticated equipment further strengthens our competitive position and allows us to meet this growing customer demand for computer generated technology. This strategic initiative ensures that we continue to provide the highest available technology for implants and medical instruments that keep our customers competitive and ensure speed to market for their products. We look forward to the growth opportunities these expanded capabilities will provide.”
The Symmetry Medical DDC is a 30,000-square-foot facility dedicated to the design, engineering, prototype and manufacturing of highly sophisticated implants and instruments for the Company’s global customer base. Symmetry has expanded its capabilities and expertise at the DDC to include multiple high precision implant and instrument machining cells which provide high speed machining processes with up to five times more precision than traditional equipment.
About Symmetry Medical Inc.
Symmetry Medical Inc. is a leading independent provider of implants and related instruments and cases to the orthopaedic device industry. The Company also designs, develops and produces these products for companies in other segments of the medical device market, including arthroscopy, dental, laparoscopy, osteobiologic and endoscopy sectors and provides limited specialized products and services to non-healthcare markets, such as the aerospace market.
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,” “will,” “should,” “expect,” “believe,” “estimate,” “intend,” and similar words indicating possible future expectations, events or actions. Such predictive statements are not guarantees of future performance, and actual results could differ materially from our current expectations. Certain factors that could cause actual results to differ include: the loss of one or more customers; the development of new products or product innovations by our competitors; product liability; changes in management; changes in conditions effecting the economy, orthopaedic device manufacturers or the medical device industry generally; and changes in government regulation of medical devices and third-party reimbursement practices. 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.
CONTACT: Investors or Media, Nick Laudico, +1-646-536-7030,
nlaudico@theruthgroup.com, or Jason Rando, +1-646-536-7025,
jrando@theruthgroup.com, both of The Ruth Group, for Symmetry Medical Inc.;
or Fred L. Hite, Senior Vice President and Chief Financial Officer of
Symmetry Medical Inc., +1-574-371-2218
