Stryker agrees purchase of Memometal Technologies

Stryker has announced the signing of a $150 million (91.29 million pounds) deal to acquire the European manufacturing firm Memometal Technologies.

Based in France, the newly acquired company creates and markets products for extremity indications using proprietary methods of manufacturing shape memory metal alloys.

Its offerings include products for the foot and ankle as well as the hand and wrist markets, with its sales in 2010 coming to $30 million.

When the transaction is completed in the third quarter of 2011, it will allow Stryker to take greater advantage of the growth seen in the extremities market in recent years.

Stephen MacMillan, chairman, president and chief executive officer of Stryker, said the deal provides the firm with an opportunity to "further establish our company as a key player in the rapidly growing foot and hand segment of the extremities market and creates a strong presence in the podiatric surgery market".

This comes after Stryker announced plans to purchase orthobiologics specialist Orthovita for $316 million last month.