Zimmer Holdings, Inc. Announces Agreement to Acquire Abbott Spine, an Innovator in Spinal ... (nt-Cer(R) Dynamic Cervical Plate; andthe...)

Zimmer Holdings, Inc. Announces Agreement to Acquire Abbott Spine, an Innovator in Spinal Technology

Date:9/4/2008

nt-Cer(R) Dynamic Cervical Plate; and the Universal Clamp(R).

Zimmer Spine, which is based in Minneapolis, Minnesota, intends to maintain a presence at Abbott Spine's Austin and Bordeaux sites. Abbott Spine has about 300 employees worldwide. "We have great respect for the talent and passion of the Abbott Spine organization. Combining our businesses will enable us to provide better product choice and improved customer service to spine and neuro surgeons as they seek the best solutions for their patients. We look forward to welcoming the Abbott Spine organization and their customers into the Zimmer family," said Mr. Dvorak.

Zimmer expects the transaction to be approximately $0.03 dilutive to adjusted diluted earnings per share in the fourth quarter of 2008, between $0.08 and $0.10 dilutive in 2009 and neutral to slightly dilutive in 2010. These estimates exclude one-time charges related to the purchase price allocation for acquired inventory, restructuring and integration charges, as well as any in-process research and development charge incurred in connection with the transaction. The definitive purchase price allocation will be completed after the close of the transaction; however, Zimmer expects to record an in-process research and development charge of approximately $50 million in the fourth quarter and to step up the value of acquired inventory by approximately $25 million. Zimmer also expects to incur $40 to $50 million in restructuring and integration costs in connection with the transaction, primarily related to the integration of the separate global sales networks.

Zimmer intends to provide additional details about the Abbott Spine transaction during its third quarter 2008 investor conference call, which is scheduled for October 23, 2008.

About the Company

Founded in 1927 and headquartered in Warsaw, Indiana, Zimmer designs, develops, manufactures and markets orthopaedic reconstructive, spinal and trauma devices, dental impl
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Zimmer Holdings, Inc. Announces Agreement to Acquire Abbott Spine, an Innovator in Spinal ...(nt-Cer(R) Dynamic Cervical Plate; andthe...)