Össur acquires Touch Bionics
(Thomson Reuters ONE) -
Announcement from Össur hf. No: 37/2016
Reykjavik, 11 April 2016
Össur has today signed an agreement to acquire Touch Bionics Limited, a leading
global provider of innovative upper limb prostheses and supporting services.
Touch Bionics has over 120 employees with operations in Scotland, Germany, and
the United States. In 2015, total sales amounted to GBP 15 million (USD 21
million) with an adjusted EBITDA of GBP 0.9 million (USD 1.3 million).
The purchase price is GBP 27.5 million (USD 39 million), on a debt and cash free
basis. The acquisition is completed as of today and financed through existing
loan facilities. The acquisition does not affect the existing share buyback
program.
With this acquisition Össur enters into the upper limb prosthetic market
enabling the Company to offer a complete bionic product portfolio to customers
in the prosthetic industry. Together, both companies are well positioned to
further strengthen their worldwide market position in both lower and upper limb
prosthetics. The acquisition of Touch Bionics is a further display of Össur's
commitment to upgrading prosthetic technology resulting in effective clinical
outcomes and improved quality of life.
Synergies between the operations of Össur and Touch Bionics are expected to be
achieved over the next 2-3 years, ultimately increasing the EBITDA margin of
Touch Bionics to a similar level as for Össur. The acquisition will not have an
impact on the financial guidance provided for the full year.
Jon Sigurdsson, President & CEO of Össur:
"Touch Bionics has developed cutting edge upper limb technology and created a
strong brand presence over recent years. This acquisition is an important
milestone for Össur as it marks our entry into the upper limb prosthetic market.
Össur and Touch Bionics are committed to pushing the boundaries of bionic
technology to enable amputees to live a life without limitations."
Ian Stevens, CEO of Touch Bionics:
"There are exciting times ahead and we look forward to being a part of the Össur
organization. Össur has a strong presence in the market and is known for being a
technology leader in prosthetics. Touch Bionics and Össur share the same vision
of helping amputees live a life without limitations with the best innovation and
technology available."
Contact persons:
Jon Sigurdsson, President & CEO Tel:
+354 515 1300
Sveinn Solvason, CFO Tel:
+354 515 1300
Össur press releases by e-mail
If you wish to receive Össur press releases by e-mail please register at the
following web-site: http://www.ossur.com/investormailings
About Össur
Össur (NASDAQ: OSSR) is a global leader in non-invasive orthopaedics that help
people live a life without limitations. Its business is focused on improving
people's mobility through the delivery of innovative technologies within the
fields of braces, supports and prosthetic limbs. A recognized "Technology
Pioneer", Össur invests significantly in research and product development; its
award-winning designs ensuring a consistently strong position in the
market. Successful patient and clinical outcomes are further empowered via
Össur's educational programs and business solutions. Headquartered in Iceland,
Össur has major operations in the Americas, Europe and Asia, with additional
distributors worldwide. www.ossur.com
About Touch Bionics
Touch Bionics is a provider of world-leading prosthetic technologies designed to
achieve positive outcomes for people with upper limb deficiencies. Touch Bionics
was the first company to develop an electrically powered prosthetic hand with
five independently powered fingers and the company continues to be a pioneer in
upper limb prosthetics. The company's products include electronic prosthetic
hand and prosthetic fingers, as well as passive silicone prostheses that closely
match the natural appearance of the wearer. A spin-out from the UK's National
Health Service, Touch Bionics was founded by inventor David Gow and was funded
and supported by Archangel Investors Limited and Scottish Enterprise. To learn
more, visit www.touchbionics.com.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ossur Hf via GlobeNewswire
[HUG#2002245]
Unternehmensinformation / Kurzprofil:
Datum: 11.04.2016 - 10:15 Uhr
Sprache: Deutsch
News-ID 462981
Anzahl Zeichen: 5201
contact information:
Town:
Reykjavik
Kategorie:
Business News
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"Össur acquires Touch Bionics"
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