Reykjavik, 19 July 2019
Össur has signed an agreement to acquire College Park Industries
Össur has signed an agreement to acquire College Park Industries, a global provider of lower and upper limb prostheses and supporting services. College Park has over 140 employees and is headquartered in Detroit, USA. Total sales amounted to USD 22 million in 2018.
College Park will largely remain independent and continue to diligently serve its customer base, while allowing the combined entity to achieve strategic efficiencies. Össur is committed to growing the College Park brand over the coming years both in the United States and international markets.
Together, both companies will be well-positioned to enhance their offerings in both lower and upper limb prosthetics. With this acquisition, Össur hopes to support College Park's focus on the lower active population and further strengthen its established 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. This acquisition is yet another display of Össur's commitment to elevating customer experience and improving people's mobility.
The transaction will be financed through existing loan facilities and does not affect the 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 provided for the full year.
Jon Sigurdsson, President & CEO of Össur:
'College Park has created a strong brand presence over the past decades, recognized for its quality products and stellar service. It has also made important strides towards technology upgrade in the upper limb arena, an area where Össur hopes to support further development. We believe the joint efforts of the two brands will benefit our customers' experience worldwide, all the while focusing on delivering the best solution for the end-user.'
Bill Carver, President & COO of College Park:
'We are very excited about Össur's plans to strengthen the College Park brand. We look forward to becoming a part of the Össur organization and benefiting from some of the great innovation Össur is known for. We share the same vision of helping amputees live a life without limitations and ensuring superior service to our customers.'
Jon Sigurdsson, President & CEO, +354 515 1300
Sveinn Solvason, CFO, +354 515 1300
David Hreidarsson, Investor Relations, [email protected], +354 515 1380
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Össur (NASDAQ OMX: OSSR) is a global leader in non-invasive orthopaedics that help people live a life without limitations. Its business is focused on improving people's mobility through the delivery of innovative technologies within the fields of Prosthetics and Bracing & Supports. A recognized 'Technology Pioneer,' Össur invests significantly in research and product development-its award-winning designs ensuring a consistently strong position in the market. Successful patient and clinical outcomes are further empowered via Össur's educational programs and business solutions. Headquartered in Iceland, Össur has major operations in the Americas, Europe and Asia, with additional distributors worldwide. www.ossur.com
About College Park Industries
College Park is an established global provider of broad and competitive prosthetic solutions. It has been well recognized for providing a varied portfolio of K2-K3 prosthetic feet, with the Truestep and Odyssey lines becoming frequent solutions clinicians reach out for. With its 2015 acquisition of Liberating Technologies, College park ventured into the upper limb arena with its first bionic product - the Espire Elbow launched in April 2019. College Park is the 2018 recipient of the Hanger Service Excellence Award, a demonstration of its continued commitment to deliver unsurpassed customer service alongside competitive products. To learn more, visit www.college-park.com