Steris (NYSE:STE) announced today that it completed its acquisition of surgical instrumentation assets from BD
(NYSE: BD)
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The companies announced in June that they agreed on a deal for the assets worth $540 million. BD’s divestiture includes V. Mueller, Snowden-Pencer and Genesis branded products. BD reports its surgical instrumentation platform as part of its Surgery unit within its Interventional segment.
Steris said the assets range across surgical instrumentation, laparoscopic instrumentation and sterilization containers.
In the deal, the company also received three manufacturing facilities in St. Louis, Cleveland, and Tuttlingen, Germany. The acquisition includes approximately 360 employees across the unit set to transfer to Steris.
According to the companies, the projected annual revenue for the acquired businesses totals approximately $170 million. Adjusted earnings before interest and taxes come to approximately $45 million. BD also says the platform complements Steris’ healthcare segment. It enables the company to better meet hospital and surgery center product and service needs.
“We are pleased to announce the closing of this acquisition, as the brands we are adding will strengthen, complement and expand Steris’ product offerings within our healthcare segment,” said Dan Carestio, president and CEO. “We welcome these teams to Steris and look forward to working together to enhance our value to our customers.”
Lazard served as financial advisor to Steris and Thompson Hine LLP served as legal counsel.
