The US Federal Trade Commission announced that Össur, Reykjavik, Iceland, won antitrust approval to buy College Park Industries, Warren, Michigan, on the condition that it sells College Park’s prosthetic elbow business.
College Park will divest all assets of its myoelectric elbow business to the Steeper Group, headquartered in Leeds, England. Steeper USA is based in San Antonio, Texas. The divestiture will include intellectual property, confidential business information, manufacturing technology, existing inventory, and agreements to manufacture and distribute myoelectric elbows.
College Park had sales of $22 million in 2018. When the purchase was announced in July 2019, Össur said that College Park would remain largely independent.
“Given the unprecedented uncertainty caused by the global COVID-19 pandemic, the parties have agreed to remain flexible on closing date with the intent to conclude their respective transactions within the next three months,” Össur said in a statement.
