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news.Symmetry Medical has signed a definitive agreement to purchase an orthopedic instrument manufacturing facility in New Bedford, Massachusetts from DePuy Orthopaedics for $45 million in cash, subject to adjustments.
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Symmetry and DePuy will enter into a supply agreement which will require DePuy to make minimum purchases from the New Bedford facility for a four year period following the close of the acquisition. Symmetry expects to close the acquisition within 60 days.
Symmetry has also entered into a waiver and amendment to its existing amended and restated fredit agreement with Wachovia Bank which will provide the required funding of the acquisition and which will also provide waivers to remove the earlier reported default status.
Brian Moore, president and CEO of Symmetry, said: “We believe that the facility will strengthen our East Coast presence and will complement our global operational network.”