This article is more than 5 years old. Information may no longer be current.
Wright Medical announces completion of divesture for large joints business
Click Here to Manage Email Alerts
Wright Medical Group N.V. announced the completion of the transaction to divest its large joints business, such as hip and knee, to Corin Orthopaedics Holdings Limited.
According to a company press release, Corin acquired the large joints business for €29.7 million in cash and the net after-tax proceeds to Wright are expected to be approximately $20 million after net working capital adjustments and payment of the transaction and transition costs.
“The completion of the sale of this business to Corin should enable both businesses to flourish as separate companies focused in their unique market spaces with strong management teams that will position them for continued success,” Robert Palmisano, president and chief executive officer of Wright Medical, said in the release. “We will now devote our full resources and attention on accelerating growth opportunities in the high-growth extremities and biologics markets and believe this will enhance our ability to create significant shareholder value. We are grateful to our large joint employees for their dedication and hard work.”
Reference:
http://ir.wright.com/phoenix.zhtml?c=129751&p=irol-newsArticle&ID=2214945