Ossur To Acquire Generation II

Jon Sigurdsson, Ossur CEO Ossur hf, Reykjavik, Iceland, with North American headquarters in Aliso Viejo, California, has signed a definitive agreement to acquire the Generation II Group for $31 million, Ossur announced September 26.

Generation II, a leading North American orthotic developer and manufacturer, produces and markets a diverse line of customized and off-the-shelf braces and specializes in braces for ligament injuries, osteoarthritis, and post-operative conditions. Generation II has 168 employees with operations in Vancouver, Canada; Seattle, Washington; and Brussels, Belgium, and sells its products principally in North America and Western Europe.

One of the world's leaders in the manufacturing and sale of prosthetic knees and feet, Ossur also manufactures and markets orthotic products, primarily in Scandinavia. "The acquisition of Generation II will expand Ossur's product line and establish a platform for Ossur into the orthotic industry," the company said.

"The acquisition represents a milestone in the Ossur expansion into the orthotic market," said Ossur CEO Jon Sigurdsson. "Generation II's focus on research and development, its diverse portfolio of high-quality innovative products, and the spirit of its employees make Generation II a perfect fit with Ossur and our corporate culture."

"This is an extremely positive development for our customers, who will benefit from a broader product range and from Ossur's ability to enhance our already strong commitment to research and development," said Dean Taylor, founder and CEO of the Generation II Group.

Alan Young, president of Generation II in the US Alan Young, president of Generation II in the US, said, "This merger offers our staff the opportunity to work on new and exciting challenges with one of the premier companies in its field. The philosophies of our companies are similar, as we both emphasize providing top-quality solutions for our customers through the use of advanced technology."

In the 12-month period ending September 30, 2003, estimated revenues will exceed $20 million with a gross margin slightly above Ossur's. Closing is scheduled to be within the next three weeks, according to Ossur. At that time, investors and other interested parties are invited to attend a presentation by the company.

For more information about Generation II, visit www.g2orthotics.com and www.gen2.com .

For more information about Ossur, visit www.ossur.com .

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Related posts:

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We’re Currently Seeking Certified Prosthetist/Orthotists (CPOs) for Opportunities Throughout Several States

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