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Home Industry News Zimmer to acquire Abbott Spine

Zimmer to acquire Abbott Spine

5th September 2008

Zimmer Holdings has announced that some of its subsidiaries have signed an agreement to purchase the Abbott Spine business from Abbott for a total sum of $360 million (205 million pounds) in cash.

The company said it would fund this acquisition through its cash on hand and borrowing via its existing credit facilities, with the purchase forecast to be completed by the end of the year.

Both companies’ boards of directors have approved the deal, which is still subject to customary closing conditions and regulatory approval, though stockholder approval is not required.

Zimmer noted that Abbot Spine generated revenues of $109 million during 2007, while its own spine revenues for the period were $197 million.

David Dvorak, president and chief executive officer of Zimmer, said: “This acquisition is another significant step in executing our strategies to position Zimmer for sustained growth in the future.”

He added the company is excited to add a number of novel products to round out its product portfolio in this area and move towards critical mass in this sector.

In July 2008, Zimmer published its financial results for the second quarter of the 2008 fiscal year, with the company reporting an 11 per cent increase in net sales to $1.08 billion, year-on-year.

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