Orthopedics giant Zimmer (NYSE:ZMH) announced today that it acquired Germany-based NORMED Medizin-Technik GmbH, but the companies are keeping quiet about the terms of the deal.
NORMED develops screws, plates and specialized instruments for use in foot & ankle and hand & wrist surgeries, Zimmer said.
The companies did not divulge the details of the acquisition, which Zimmer hopes will "strengthen Zimmer’s Extremities and Trauma product portfolios and new product development capabilities in the fast growing foot and ankle and hand and wrist segments," according to a press release.
Wall Street wasn’t much enthused by the news, with ZMH shares down 1.4% to $77.75 as of about 12:15 p.m. today.
Warsaw, Ind.-based Zimmer met analysts’ expectations with its 1st quarter earnings, reporting a 4.3% increasing in profits, despite a spike in lawsuits for hip and knee replacement products.