Össur, Reykjavik, Iceland, has signed an agreement to acquire College Park Industries, Warren, Michigan. College Park has over 140 employees; sales were $22 million in 2018.
College Park will largely remain independent, while allowing the combined entity to achieve strategic efficiencies, according to the press announcement.
Össur said it is committed to growing the College Park brand in the United States and international markets.
Össur also said it hopes to support College Park’s focus on the lower active population and further strengthen its presence in the upper-limb arena. Mutual access to technology and products will enable a more comprehensive product and service offering to customers around the world.
The transaction will be financed through existing loan facilities and does not affect Össur’s existing share buyback program. Closing is expected later in 2019 subject to closing conditions and regulatory review. The acquisition will not have an impact on the financial guidance Össur provided for the full year.
