This is Ossur's largest acquisition to date, and is in line with Ossur's strategic growth plans of increased focus on the orthotics industry.
"The acquisition of Royce Medical will move Ossur significantly closer to realizing its strategic objectives in the orthotics market.
Together, Ossur and Royce Medical will be greater than the sum of their parts, and the transaction will position Ossur as one of the leading orthotics companies in the US market," said Jon Sigurdsson, president & CEO of Ossur. "For years, Ossur has been a leading company in the design and manufacture of prosthetics and we now intend to gain the same footing in orthotics," he added.
"The merger of the two companies will enhance the value proposition for our employees, our customers and our other stakeholders" said Rodney Boone, president & CEO of Royce Medical. "The combination of the two companies will create a strong platform for further development in the US market for orthotics. With the knowledge and experience of our employees Ossur will, in the future, be able to expand its presence in a fragmented market, and we look forward to taking part in the challenging opportunity that has been created with this exciting combination," he stated.
Royce Medical is a well established manufacturer and distributor of orthotic products, and has shown high growth and solid profitability in recent years. Its main products include: