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The Associated Press August 25, 2010, 12:55PM ET

Stryker buys Gaymar Industries for $150 million

Medical device maker Stryker Corp. said Wednesday it agreed to buy privately held Gaymar Industries for $150 million in cash.

The boards of both companies have approved the sale, which is expected to close by Oct. 1.

Stryker, which makes hip and knee implants and other orthopedic devices and surgical equipment, said the deal was expected to have no impact in Stryker's 2010 and 2011 earnings per share but to increase earnings in later years.

Gaymar is owned by private equity firms Nautic Partners and Norwest Equity Partners. It had sales of about $77 million last year. About $14 million came from a deal with Stryker -- Gaymar gave Stryker rights to sell products to treat pressure ulcers and other conditions to acute-care customers in North America.

Stryker said the acquisition fit its goal of expanding product offerings.

Shares of Stryker fell 12 cents to $43.08 in midday trading.

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