Michigan's Stryker buys Calif surgical business
KALAMAZOO, Mich. (AP) -- Michigan-based Stryker Corp. says it will pay $120 million to buy Patient Safety Technologies Inc., a maker of surgical safety systems.
Kalamazoo-based Stryker said Tuesday that it will pay $2.22 a share for the Irvine, Calif.-based company.
Stryker says that the Patient Safety Technologies subsidiary SurgiCount Medical Inc. makes the Safety-Sponge System. It's a system intended to prevent retained foreign objects during surgery.
Those objects can include surgical sponges, needles, and instruments or instrument fragments left inside a patient's body during an operation.
Stryker says it expects to close the deal in the first quarter of 2014.