Symmetry Medical to Acquire JNJ's Instrument Business
BY LAUREN UZDIENSKI, DECEMBER 12, 2011
Symmetry Medical announced this morning plans to buy the surgical instrument portfolio and associated assets from J&J's Codman business. Symmetry will pay $165 million in cash for the line, which will report about $60 million in sales this year in a $1 billion worldwide market.
The Codman portfolio includes reusable stainless steel and titanium surgical hand-held instruments and retractor systems, sterile disposable surgical products and sterilization containers. These instruments are used in spine, general/OB-GYN, microsurgery/neurosurgery, orthopedics, laparoscopy, cardiovascular, thoracic and general surgery. The line will be renamed Symmetry Surgical.
Symmetry says the transaction will have a number of benefits for the company, including diversifying its revenue base from primarily contract manufacturing for orthopedic device companies to a higher-margin hospital direct business; a stronger IP portfolio; and a global presence in 60+ countries for Symmetry Surgical.
The transaction is expected to close by the end of 2011.
