`

Zimmer to become Zimmer Biomet after acquisition

October 30, 2014

Orthopedic device maker Zimmer said Thursday it will be called Zimmer Biomet after its combination with privately held competitor Biomet.

The companies announced in April that Zimmer would acquire Biomet in a cash-and-stock deal that they valued at $13.35 billion including Biomet's debt. Zimmer shareholders will own about 84 percent of the combined company. Both companies are based in the northern Indiana city of Warsaw.

Zimmer also said the combined company will have three divisions: a knee and hip device and bone cement business; a business focused on sports medicine, implants used in the extremities, trauma products, biologic devices, and surgical items; and a business that makes spine, craniomaxillofacial, and dental implants and bone healing products.

The company also said Daniel Florin will be its chief financial officer. Florin has been CFO of Biomet for seven years. Zimmer CFO James Crines will retire when the deal closes but will continue to advise the company.

Zimmer announced previously that David Dvorak, the president and CEO of Zimmer, will have the same title with the combined company.
1
Shares of Zimmer Holdings Inc. rose 6 cents, to $108.21, in Thursday morning trading.

ADVERTISEMENT

Recent Articles by Associated Press

Comments powered by Disqus