You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Franklin Electric quarterly earnings fall 4%
    Franklin Electric Co. Inc. today reported second-quarter earnings of $27.1 million, or 55 cents per diluted share, a 4 percent decline from the $28.1 million, or 58 cents a share, posted for the same three months of 2013.
  • FAA proposes to fine Southwest Airlines $12M
    The Federal Aviation Administration said Monday it is proposing a $12 million civil fine against Southwest Airlines for failing to comply with safety regulations related to repairs on Boeing 737 jetliners.
  • Texas' tech fund struggling
    Texas Gov. Rick Perry has distributed $205 million in taxpayer money to scores of technology startups using a pet program designed to bring high-paying jobs and innovation to the nation's second ...
Advertisement
File/The Journal Gazette
Zimmer Holdings Inc. of Warsaw announced today it has agreed to acquire Biomet in a $13 billion deal.

Zimmer Holdings to acquire Biomet

Two of what have been called Warsaw's "big three" orthopedic companies announced today plans to become one in a more than $13 billion deal that would have Zimmer Holdings Inc. acquiring Biomet.

The boards of directors of the two companies have approved a definitive agreement for a cash and stock deal expected to be completed in the first quarter of 2015 valued at $13.35 billion, according to a news release this morning.

DePuy Synthes, part of Johnson & Johnson, is the other Warsaw-based company that has part of the "big three."

"The merger of Zimmer and Biomet will position the combined company as a leader in the $45 billion musculoskeletal industry and is aligned with Zimmer's strategic framework, which focuses on growth, operational excellence and prudent capital allocation," the news release said. "The combined company is expected to deliver attractive growth by offering a more comprehensive and scalable portfolio of solutions with enhanced cross-selling opportunities."

As a combined company, Zimmer and Biomet expect to be able to accelerate innovation and have a more diversified and predictable revenue mix consistent with a broader portfolio, the news release said.

"This combination is about achieving growth and cultivating best-in-class solutions," David Dvorak, Zimmer President and CEO, said in a statement. "We have a great deal of respect for what the management team and employees have accomplished at Biomet, and we are confident in their ability to be a very important part of the combined organization as we bring our two world-class companies together and cement Warsaw, Indiana as the musculoskeletal innovation capital of the world."

For more on this story, go to www.journalgazette.net after 3 a.m. Friday.

Advertisement