Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, January 17, 2013

Medical device maker Stryker to purchase Hong Kong's Trauson for $764 mln, (NYSE: SYK)

Medical device maker Stryker Corp said it will purchase Hong Kong-based Trauson Holdings Co Ltd for $764 million in cash to expand in China, one of the fastest-growing markets for orthopaedic products.Stryker will pay HK$7.50 ($0.97) for every share of Trauson. The offer is at a premium of about 45 percent to Trauson's closing price on Jan. 8, when the shares were halted on the Hong Kong Stock Exchange.Founded in China in 1986, orthopaedics firm Trauson had sales of about $60 million in 2011 and makes spine devices and products for trauma surgeries."With its research and development expertise, manufacturing capabilities and strength of its distribution network, Trauson is a compelling opportunity for Stryker to drive growth in China and other emerging markets for years to come," Stryker CEO Kevin Lobo said in a statement.

Stryker Corporation is a manufacturer and wholesaler of specialty surgical and medical products. Shares of SYK remained unchanged at $59.43. In the past year, the shares have traded as low as $49.43 and as high as $59.73. On average, 1939600 shares of SYK exchange hands on a given day and today's volume is recorded at 0.