WARSAW, Ind., Jan. 25 /PRNewswire-FirstCall/ -- Symmetry Medical Inc. (NYSE: SMA), an independent provider of products to the global orthopaedic device industry and other medical markets, announced today that it has completed the previously announced acquisition of DePuy Orthopaedics, Inc's facility for orthopaedic instrument manufacturing in New Bedford, MA for $45 million in cash.
As originally announced in December 2007, Symmetry and DePuy have entered into a supply agreement which requires DePuy to make minimum purchases from the New Bedford facility for a four year period.
Brian Moore, President and Chief Executive Officer, stated, "The strategic acquisition of DePuy's orthopaedic instrument facility will strengthen our position as a leading provider to the orthopaedic industry. We believe this acquisition provides additional manufacturing capacity to service our broader customer base, builds on our relationship with DePuy, expands our East Coast presence and allows us to move forward with an existing skilled workforce to service our growing market."
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.
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, orthopedic 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 http://www.sec.gov.
The Ruth Group Symmetry Medical Inc.
Nick Laudico/Jason Rando Fred L. Hite
(646) 536-7030/7025 Senior Vice President
email@example.com Chief Financial Officer
firstname.lastname@example.org (574) 371-2218
|SOURCE Symmetry Medical Inc.|
Copyright©2008 PR Newswire.
All rights reserved