Symmetry Inks Deal for Olsen Medical

Symmetry Medical Inc. has purchased Olsen Medical, a privately-held firm specializing in the design, development and manufacturing of electrosurgical instruments and accessories.

The all-cash deal has certain pre-closing conditions that must be satisfied, but Symmetry officials anticipate closing the acquisition by August 15 and that purchase will be neutral to the its 2011 financial results, excluding acquisition and integration-related charges.

Olsen Medical manufactures single-use and reusable bipolar and monopolar forceps, cords, electrosurgical pens/pencils, electrodes, and accessories. The company’s products primarily are sold in the United States and internationally through distributors.  Olsen Medical’s domestic distributor network includes Symmetry’s subsidiary Specialty Surgical Instrumentation (SSI).

“We have partnered with Olsen Medical for several years through our SSI subsidiary and know them to be innovative, with a strong brand name and market presence,” said Thomas J. Sullivan, president and CEO of Symmetry Medical. “We have had tremendous success selling Olsen’s products, including their market leading disposable forceps product family, and are pleased to add Olsen to our team. This acquisition is consistent with Symmetry’s strategy to complement our core business as a medical device supplier with growth in our direct hospital business through expanded products and territories that are consistent with our expertise and market segments.”

Based in Warsaw, Ind., Symmetry Medical Inc. provide design, development and manufacturing services for OEM customers in the orthopedic industry, other medical device markets, and specialized non-healthcare markets.