Deal Underscores Biomet LegacyPosted: Updated:
The blockbuster Zimmer Holdings Inc. (NYSE: ZMH) - Biomet Inc. deal marks the combination of two companies that helped make Warsaw the "Orthopedics Capital of the World." Biomet Inc. was established in 1977 and has grown into a global company with more than 10,000 employees, products in 90 countries and annual sales of more than $2.5 billion. Co-founder Dane Miller discussed Biomet's success during a 2010 edition of Inside INdiana Business Television focusing on Warsaw's orthopedics sector. Miller and three others launched Biomet in 1977 by pooling their money and securing a Small Business Administration loan.
The company had sales of $17,000 in its first year and posted a net loss of $63,000. Miller's grandmother received the Biomet's first hip implant in 1978 and by 1980 the company passed the $1 million sales plateau.
Miller entered semi-retirement in 2006 and the company was sold in 2007 to a group of private equity firms.
The parent company had announced plans for an initial public offering. That application is being withdrawn as part of the acquisition by Zimmer.
Source: Inside INdiana Business, Biomet Inc.