Stryker Corporation (NYSE: SYK
) announced Thursday that it will acquire Chinese orthopedics company Trauson Holdings Company Limited for $764 million in an all cash transaction.
Founded in China in 1986 by Chairman Fuqing Qian, Trauson had sales of about $60 million in 2011 and is a top trauma manufacturer in China.
Stryker and Trauson have maintained ties involving an OEM agreement for instrumentation sets since 2007.
"The acquisition of Trauson is a critical step toward broadening our presence in China and developing a value segment platform for the emerging markets through a well established brand," Kevin A. Lobo, President and Chief Executive Officer, in a news release. "The acquisition of a leading player in the Chinese trauma and spine market underscores our commitment to strengthening our presence globally. 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."