Orthopaedic company bought by Symmetry Medical for $8.8 million

MIDLETON-based Everest Metal International and its sister company Everest Metal Finishing in the US has been acquired by Symmetry Medical in a $8.8 million (€6.87m) deal.

General manager of Everest Metal International Ed Kilgallen welcomed the move and added that future expansion is a strong possibility.

“This is definitely a positive move. The sky is the limit with this deal. It now gives us full service capabilities. They did not buy us to keep us as we are.”

Everest Metal Finishing employs 45 people. It specialises in finishing orthopaedic products such as knee and hip joints.

“We work with Striker and Johnson and Johnson who give us the products and we finish them with our process,” explained Mr Kilgallen.

The company’s sister company is in New Jersey.

Symmetry Medical said both companies are strategically located near Symmetry customers.

The total takeover amount is subject to adjustment of up to $1.4 million (€1.09), based on certain contingencies.

The acquired companies’ combined annual sales are about $7 million (€5.47).

Symmetry Medical’s total revenue for 2005 was $263.8 million (€206.2).

President and chief executive of Symmetry Medical Brian Moore said: “With Everest, we acquire additional expertise in the orthopedic finishing arena and strengthen our local presence near Symmetry Medical customers.”

Symmetry supplies implants and related instruments and cases to the orthopedic-device industry.

The company also designs, develops and produces those products for other segments of the medical-device market, including dental, and provides limited products to non-health care markets, including the aerospace market.