Warsaw-based Zimmer Biomet Holdings Inc. (NYSE and SIX: ZBH) says it has completed its spinoff of ZimVie, the company’s former dental and spine business. It now trades on Nasdaq under the symbol “ZIMV.”
The Kosciusko County company announced plans in February 2021 to break off the division to create an independent, publicly traded company. The medical device manufacturer said as a separate company, ZimVie would achieve faster growth and deliver greater value for stakeholders.
“The spinoff of ZimVie marks a major milestone in the active portfolio management of Zimmer Biomet as we continue to strengthen our position as a global leader in the medtech space,” said Bryan Hanson, chairman, president and chief executive officer of Zimmer Biomet. “We are confident that this transaction will create shareholder value for both companies and will allow us to increase our focus and enhance revenue growth for our core businesses.”
Zimmer Biomet says the spinoff was achieved through the distribution of 80.3% of the shares of ZimVie to holders of Zimmer Biomet common stock. Zimmer Biomet stockholders receive one share of ZimVie common stock for every ten shares of Zimmer Biomet common stock held at the close of business on February 15.
Last September, the med tech company announced the leadership team of the new company.