OrthoWorx: Acquisition Raises State ProfilePosted: Updated:
Shares of Warsaw-based Zimmer Holdings Inc. (NYSE: ZMH) are up around 12 percent in early afternoon trading following this morning's announcement that it will acquire Biomet Inc. for more than $13 billion. The deal still needs regulatory approval, but should close in the first quarter of 2015. Biomet is also based in Warsaw and the headquarters for the combined company is expected to stay in the Kosciusko County community.
April 24, 2014
Statement From OrthoWorx Chief Executive Officer Sheryl Conley
We are excited that two OrthoWorx members, Zimmer and Biomet, will be combining to create an even stronger company in the global medical device market. A message distributed this morning from Zimmer CEO David Dvorak states "through this combination we are cementing Warsaw, Indiana as the musculoskeletal innovation capital of the world."
We are particularly pleased that their announcement noted their intention to remain headquartered in Warsaw and that they have acknowledged their respective traditions of community support and involvement. As Biomet CEO Jeff Binder said, "Both companies are deeply rooted in the communities in which we operate and believe that we can only be successful in business if we are successful in helping healthcare providers improve the lives of patients."
Both companies have been very engaged members of OrthoWorx as we work to strengthen the region’s environment with respect to education, workforce and community enhancement, areas that will remain vital to the growth of the medical device cluster in the region.
The companies have indicated they expect the transaction to close in the first quarter of 2015 (subject to regulatory approvals).