Wednesday August 19, 8:54 am Eastern Time
Company Press Release
SOURCE: Hanger Orthopedic Group, Inc.
Hanger Orthopedic Group, Inc. Announces Acquisition of Prosthetic
Component Manufacturer Named MODEL and Instrument Development Corp.
BETHESDA, Md., Aug. 19 /PRNewswire/ — Hanger Orthopedic Group, Inc.
announced that it acquired MODEL and Instrument Development Corp. (M+IND)
d/b/a Seattle Limb Systems. Net sales of this acquired company for the
fiscal year 1997 was approximately $7.3 million exclusive of inter-company
sales. Ivan R. Sabel, CPO, Chairman and Chief Executive Officer of the
Company, said, “This is a strategic acquisition to our vertical integration
model. M+IND was organized in 1932 and has since become recognized as a
world leader in advanced prosthetic technology and is the originator of the
energy storing modular foot and SeattleFoot.” Hanger Orthopedic Group,
Inc., headquartered in Bethesda, Maryland, is the only national, publicly
traded company specializing exclusively in O&P practice management, now
providing O&P services in 244 patient-care centers located in 32 states
including the District of Columbia. The Company is also engaged in the
manufacture and distribution of components and finished patient-care
products to the O&P industry and through its OPNET program, provides O&P
services to over 336 managed care plans. The company maintains six
strategically placed distribution locations throughout the United States.
SOURCE: Hanger Orthopedic Group, Inc.
Ian Gregson ([email protected])
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