ARLINGTON, Tenn., Jan. 13, 2014 /PRNewswire/ -- MicroPort Scientific Corporation (HK: 0853), announced on January 9, 2014 the closing of the transaction to acquire the OrthoRecon business from Wright Medical Group, Inc. (NASDAQ: WMGI). The transaction establishes MicroPort Orthopedics as the sixth largest multinational hip and knee reconstruction company, with global headquarters in Arlington, Tennessee. As a result of the acquisition, MicroPort now holds U.S. manufacturing, global infrastructure, logistics and operations in the top four global orthopedic markets, as well as established hip and knee franchise brands.
Ted Davis, Chief Executive Officer of MicroPort Orthopedics, stated, "This is an exciting transaction for the MicroPort Orthopedics team, our partners, our customers, our patients and the communities we operate in. We will be building upon 60 years of innovative leadership in the hip and knee industry to grow our orthopedics business segment and establish MicroPort as a worldwide provider of effective and affordable orthopedics management solutions."
MicroPort Orthopedics' global headquarters in Arlington are staffed by a workforce of nearly 600 employees from Tennessee and the surrounding area. "Memphis is a long-standing center of the orthopedics industry with significant local infrastructure," said Davis. "MicroPort Orthopedics will continue its deep commitment to making patient-preferred solutions and offering responsive service to the healthcare community."
MicroPort Orthopedics will become the largest division of MicroPort Scientific Corporation, a leading medical device company that specializes in minimally invasive and other emerging medical technologies. "MicroPort's commitment to growth and research and development is the engine that drives our leadership position in the cardiovascular market in China today," said Jonathan Chen, VP International Business & Investor Relations, MicroPort Scientific. "This philosophy extends to MicroPort Orthopedics as well as shareholders, patients and partners who can expect that our orthopedics business will be just as innovative."
About MicroPort Orthopedics
Established in January 2014, MicroPort Orthopedics Inc. is the sixth largest multinational producer of orthopedic products, and a proud member of the MicroPort Scientific Corp. family of companies. From its headquarters in Arlington, Tennessee, MicroPort Orthopedics develops, produces and distributes innovative OrthoRecon products. The company's U.S.-based manufacturing and logistics capabilities deliver high quality hip and knee products to patients and their doctors in over 60 countries, including the U.S., EMEA, Japanese, Latin American and China markets. For more information about MicroPort Orthopedics, visit www.ortho.microport.com
SOURCE MicroPort Scientific Corporation