Sandvik sells off medical subsidiary
Sandvik has reached an agreement with Orchid Orthopedic Solutions (Orchid), owned by Altor Fund III, to divest Sandvik Medical Solutions, a unit within the Sandvik Venture business area with contract manufacturing of medical implants and instruments for orthopaedic and dental applications. In 2011 the operation had sales of approximately 600 MSEK (90 MUSD) and comprised production units in US and UK with about 550 employees.
"The divestment of Sandvik Medical Solutions is in line with our strategy to exit operations outside of the defined core businesses. There is a strong industrial logic in combining Orchid and Sandvik Medical Solutions and we are convinced that Sandvik Medical Solutions will have a positive development with its new owners", says Anders Thelin, president of Sandvik Venture.
"The combination of Orchid and Sandvik Medical Solutions will have a unique offering to its customers and become the leading orthopaedic implant supplier globally. The acquisition also demonstrates Orchid's commitment to be a leader in a consolidating industry", says Claes Ekström, Board Member in Orchid and Partner at Altor Equity Partners.
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