Symmetry Medical Sells Orthopedic Component Business

Symmetry Medical (Warsaw, IN, USA) has signed a definitive agreement to sell its original equipment manufacturer (OEM) Solutions business segment to Tecomet (Wilmington, MA, USA) for USD 450 million.

OEM Solutions manufactures high precision surgical instruments, orthopedic implants, and plastic and metal sterilization cases and trays, selling its products to over 450 global medical device OEM companies. The sale of the OEM business will allow Symmetry Surgical to pursue a broader surgical instrument market, without potential conflicts with OEM customers. OEM Solutions has nearly 2,300 employees and 13 facilities in the United States, the United Kingdom, Ireland, France, and Malaysia.

Tecomet, a precision contract manufacturer supporting the medical device and aerospace industries, and part of the Genstar Capital (San Francisco, CA, USA) portfolio, manufactures orthopedic implants, precision surgical instruments, trauma plates, and photochemical etched products for medical device customers. The company’s prototyping and engineering capabilities are also used to produce highly complex products for the aerospace and defense industry used in missile and satellite propulsion systems, vision systems, and infrared (IR) applications.

“We are excited to reach this agreement with Tecomet, which will recognize the value of the OEM Solutions business and enhance the growth potential of Symmetry Surgical,” said Thomas J. Sullivan, president and CEO of Symmetry Medical. “It also provides liquidity for our shareholders along with the upside potential of Symmetry Surgical as a well-positioned, standalone company focused on the large global market for surgical instruments.”

“The combination of Tecomet and OEM Solutions creates a contract manufacturing enterprise that is capable of meeting the growing needs of our customers. OEM Solutions will not only extend the capabilities we offer but also our global reach,” said Bill Dow, CEO of Tecomet. “Our experienced and successful Tecomet team looks forward to working with OEM Solutions' strong management crew and workforce to offer exceptional products, services and capabilities to the industries we serve.”

Related Links:
Symmetry Medical
Tecomet
Genstar Capital