Stryker unveils name change after buying Wright Medical
Medical device maker Stryker Inc. has quietly completed a name change at its Arlington facility on Memphis-Arlington Road after purchasing Wright Medical Group last November.
The Kalamazoo, Michigan-based company bought its local competitor for $5.4 billion in equity and debt. The deal followed an announcement by the Federal Trade Commission requiring Stryker to divest total ankle replacement and finger joint implant products to satisfy antitrust concerns about the deal.
The FTC concluded Stryker’s takeover of Wright Medical could substantially reduce competition and harm U.S. consumers of total ankle replacement and finger joint implants without the divestment. A proposed consent agreement named California medical device company DJO Global as the purchaser of the divested product lines.
”Wright Medical brought a highly complementary product portfolio and customer base to Stryker’s trauma and extremities business,” said Patrick Fisher, Stryker V.P. and General Manager of Foot & Ankle.
The Arlington building has been rebranded as a Stryker Trauma & Extremities Division facility. There are no strategic changes planned for the site.
”At this time, we remain focused on cementing Arlington’s reputation as a Center of Excellence for foot and ankle within the Trauma & Extremities Division,” Fisher said.
Stryker plans to change out the manual equipment for more efficient automated machining platforms to keep up with the expected growth over the next three to five years.
”This will create more opportunities for our machine operators to cross train and up-skill, leading to growth and development for the core team,” Fisher said.
Wright Medical was founded in Memphis in 1950 but is now based in Amsterdam. Meanwhile, Stryker has about 700 employees in the Memphis area including at its manufacturing and distribution facility in Arlington and its North American corporate offices on Cherry Road in East Memphis.
At the time of the sale last year, Kevin Lobo, chairman and chief executive officer of Stryker, said, “This acquisition enhances our global market position in trauma and extremities, providing significant opportunities to advance innovation and reach more patients.”
Wright Medical grew into an industry leader with a focus on extremities and biologics that use grafts and cells to grow new bone and tissue. It provides innovative surgical solutions for the upper extremities (shoulder, elbow, wrist and hand), lower extremities (foot and ankle) and biologics markets — three of the fastest growing segments in orthopedics.
The extremities market, driven by an aging population, is expected to reach $6 billion in sales in 2022.
Arlington Chamber of Commerce Director Tonia Howell says Wright Medical has been a great partner to the town and the chamber for several years.
“The community was excited for them when they expanded to include the new research and development building on their Arlington campus, and we were very happy when the acquisition was announced to find out that they will continue in Arlington through their new Stryker brand,” Howell said.
She thinks Arlington is fortunate to have two global medical device companies in town. Wright Medical, which started out making rubber heels to fit in leg casts after the founder realized the traditional steel-heeled casts caused back problems, later grew in the hip and knee business. It sold that business to a Chinese firm in 2013. That business, now called MicroPort, operates on Airline Road in Arlington.
Topics
Stryker Corp. Wright Medical Town of Arlington Tonia Howell Kevin LoboMichael Waddell
Michael Waddell is a native Memphian with more than 20 years of professional writing and editorial experience, working most recently with The Daily News and High Ground News.
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