NEW YORK (AP/WANE) — Orthopedic device makers Zimmer Holdings and Biomet say they’ve completed their $13.35 billion cash-and-stock combination.
The company has taken the name Zimmer Biomet Holdings Inc. and will trade under the ticker symbol to “ZBH” on Monday. Zimmer Holdings Inc. agreed to buy privately-held Biomet in April 2014 for about $10.35 billion in cash and $3 billion in stock.
Zimmer Biomet makes devices that are implanted in the joints, extremities, spine, skull and face, as well as sports medicine products, trauma products, biologic devices, bone healing items, dental devices, and surgical products. Zimmer and Biomet said they had about $7.8 billion in combined revenue in 2013.
“This merger was premised on growth,” said Monica Kendrick, Zimmer Biomet Vice President of Communications. “Not only growth for the company but also innovation. This combined company is stronger than the two were separately.”
According to the latest employment numbers by the Kosciusko Economic Development Corporation, Zimmer and Biomet were the top two largest employers in the county. The latest numbers were from 2013.
Kendrick said the company employees roughly 5,000 people in the community and 18,000 worldwide.
“We’re fortunate that we got a lot going on with regards to workforce,” said Warsaw Mayor Joe Thallemer. “We have worked hard to improve educational and vocational opportunities for workers and machinists.”
To gain antitrust clearance, Zimmer will sell the U.S. rights to some knee implant products to British competitor Smith & Nephew, and Biomet will sell the U.S. rights to an elbow implant and bone cement to DJO Global.
The Federal Trade Commission ordered the companies to make those sales to maintain competition in the marketplace. Terms of the sales were not disclosed, and the FTC said the deals will close within 10 days.
The combined company is based in Warsaw, Indiana, where Zimmer had its headquarters.
Zimmer shares were up $1.35, or 1.2 percent, to $114.03 in afternoon trading. They are up 25 percent since the deal was announced.
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