KALAMAZOO, Mich., Oct. 29 /PRNewswire-FirstCall/ -- Stryker Corporation (NYSE: SYK) announced today the acquisition of privately-held Porex Surgical, a division of Porex Corporation. Porex Surgical is a developer, manufacturer and distributor of bioimplantable porous polyethylene products (PPE) for use primarily in reconstructive surgery of the head and face. Porex has a long history in the PPE market with strong brand recognition and considerable clinical data supported by approximately 350 references in peer-reviewed journals. The product portfolio and customer base complements Stryker's existing offering in the craniomaxillofacial (CMF) market.
"The acquisition of Porex Surgical further expands on our presence in the CMF market and allows us to broaden our product offering to both patients and clinicians," said Stephen P. MacMillan, Chairman, President and Chief Executive Officer of Stryker.
The transaction is expected to be neutral to Stryker's 2010 and 2011 earnings per share and accretive thereafter. Terms of the transaction were not disclosed.
This press release contains information that includes or is based on forward-looking statements within the meaning of the federal securities law that are subject to various risks and uncertainties that could cause the Company's actual results to differ materially from those expressed or implied in such statements. Such factors include, but are not limited to: the Company's ability to consummate the acquisition of Porex Surgical; weakening of economic conditions that could adversely affect the level of demand for Porex Surgical products; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect the FDA's approval of Porex Surgical products; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; changes in the competitive environment; and other risks and uncertainties contained in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Stryker is one of the world's leading medical technology companies and is dedicated to helping healthcare professionals perform their jobs more efficiently while enhancing patient care. The
Company provides innovative orthopaedic implants as well as state-of-the-art medical and surgical equipment to help people lead more active and more satisfying lives. For more information about Stryker, please visit www.stryker.com.
About Porex Corporation
Founded in 1961 and based in Fairburn, GA, Porex is the pioneer and global leader in the development and manufacturing of porous plastic products. The Company primarily serves the healthcare and bioscience end markets, and also supports high-performance applications in the consumer and industrial sectors. Porex products serve filtration, venting, wicking, and diffusing functions in applications such as blood filters, catheter vents, specialty filters, writing instrument tips and consumable diagnostic tests. Porex is widely recognized for its materials science expertise and proprietary designs which serve over 1,250 customers across more than 60 countries via operations in North America, Europe and Asia. For more information about Porex Corporation, visit www.porex.com.
SOURCE Stryker Corporation