Symmetry Medical to Acquire Olsen Medical

Symmetry Medical Inc., a leading global source of innovative medical device solutions, including orthopedic implants, surgical instruments, and sterilization cases and trays, has signed a definitive agreement to acquire Olsen Medical, a privately-held, world leader in the design, development and manufacturing of electrosurgical instruments and accessories.

 

Under the terms of the asset purchase agreement, Symmetry will acquire Olsen Medical's assets in an all cash transaction.  The agreement has certain pre-closing conditions that must be satisfied, and the Company anticipates closing the acquisition by August 15, 2011.  Symmetry anticipates that the transaction will be neutral to the Company's 2011 financial results, excluding acquisition and integration-related charges, and that it will be accretive to the Company's 2012 financial results.

 

Olsen Medical manufactures a full line of single-use and reusable bipolar and monopolar forceps, cords, electrosurgical pens/pencils, electrodes, and accessories.  The Company's products are primarily sold in the United States and internationally through distributors.  Olsen Medical's domestic distributor network includes Symmetry's wholly-owned subsidiary Specialty Surgical Instrumentation (SSI).

 

Thomas J. Sullivan, president and CEO, Symmetry Medical, says, "We have partnered with Olsen Medical for several years through our SSI subsidiary and know them to be innovative, with a strong brand name and market presence.  We have had tremendous success selling Olsen's products, including their market leading disposable forceps product family, and are pleased to add Olsen to our Team.  This acquisition is consistent with Symmetry's strategy to complement our core business as a medical device supplier with growth in our direct hospital business through expanded products and territories that are consistent with our expertise and market segments."