Medical-device maker Stryker reached a deal to buy a 45-year-old manufacturer of health-care treatment products for hospitals for $2.76 billion.
Stryker is acquiring Sage Products from private equity firm Madison Dearborn Partners, the companies said in a statement Monday.
Cary, Ill.-based Sage, which had $430 million in revenue in its 2015 fiscal year, makes disposal products aimed primarily at intensive-care units and other hospital settings. Its products include solutions for patient cleaning, turning and positioning, oral care and skin preparation. Stryker sells products that are complementary to those produced by Sage, the companies said.
Stryker, based in Kalamazoo, Mich., said it would glean a $500 million tax benefit from the deal, which is expected to close in the second quarter.
“This acquisition aligns with Stryker’s focus on offering products and services that support a mindset of prevention, specifically in the area of ‘never events’ such as hospital-acquired infections,” Stryker CEO Kevin Lobo said in a statement.
Stryker raised its full-year 2016 earnings projection by 5 cents per share to a range of $5.55 to $5.75.
By Nathan Bomey
Source: USA Today
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