MEMPHIS, Tenn.--(BUSINESS WIRE)--Wright Medical Group, Inc. (NASDAQ: WMGI) today announced the closing of the transaction to divest its OrthoRecon business to MicroPort Scientific Corporation (HK: 0853) and its affiliates. The closing of the transaction occurred on January 9, 2014.
Robert Palmisano, president and chief executive officer of Wright Medical, stated, “With the divestiture of our OrthoRecon business, Wright’s transition to a high-growth, pure play global Extremities and Biologics company is complete. We will now be able to devote our full resources and attention towards accelerating growth opportunities in this area, including improving sales productivity, extending the global reach and penetration of our products in key international markets, pursuing targeted new business development opportunities, and improving gross margin and EBITDA. We believe this will enhance our ability to create significant shareholder value.”
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