Symmetry Medical sells orthopaedic device business

According to Reuters medical device maker Symmetry Medical is to sell its orthopaedic device components business to privately held Tecomet for $450 million.

Symmetry Medical will transfer ownership of its remaining surgical instruments business to its shareholders as a new company.

Shareholders will receive one share in the new company for every four Symmetry Medical shares held, the company said on Monday.

The OEM Solutions deal implies a price of $7.50 per share after fees and elimination of outstanding debt to Tecomet, Symmetry Medical said. The business provides implants, instruments and sterilisation cases to orthopedic device makers.