Stryker to purchase Gaymar Industries
27 August 2010 00:00 in Medical Company Restructures
Stryker has confirmed a deal to acquire Gaymar Industries, a firm which specialises in support surface and pressure ulcer management solutions.
The medical technology firm will pay around $150 million (96.7 million pounds) in cash to take control of Gaymar, with the transaction expected to close at the beginning of October 2010.
By moving to acquire the firm, Stryker will be able to expand its portfolio of high-performance support surface and pressure ulcer management products internationally, while Gaymar also offers temperature management devices for the healthcare industry.
Stephen MacMillan, chairman, president and chief executive officer of Stryker, said the deal will help to improve the company's standing in a market worth $1.8 billion globally.
He added: "The acquisition of Gaymar Industries is consistent with our strategic goal of expanding our existing product offering and extensive sales force presence via innovative and value added products."
Last month, Stryker published its financial report for the second quarter of 2010, a period which saw the firm experience a 7.6 per cent increase in sales year-on-year.
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Story collated for Zenopa by the Adfero News Agency