August 4, 2014 / 11:55 AM / 3 years ago

Symmetry Medical to sell orthopedic component business for $450 mln

Aug 4 (Reuters) - Medical device maker Symmetry Medical Inc said it would sell its orthopedic device components business to privately held Tecomet Inc for $450 million.

Symmetry Medical will transfer ownership of its remaining surgical instruments business to its shareholders as a new company.

Shareholders will receive one share in the new company for every four Symmetry Medical shares held, the company said on Monday.

The OEM Solutions deal implies a price of $7.50 per share after fees and elimination of outstanding debt to Tecomet, Symmetry Medical said. The business provides implants, instruments and sterilization cases to orthopedic device makers.

Tecomet, owned by Genstar Capital LLC, makes orthopedic implants and precision surgical instruments. (Reporting By Amrutha Penumudi; Editing by Joyjeet Das)

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