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Stryker Buys Canadian Hospital Bed Maker CHG

Monday, January 05, 2015   (0 Comments)
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FromMassDevice
By Brad Perriello

Stryker says it acquired Canada's CHG Hospital Beds for an undisclosed amount.

Stryker buys hospital bed maker CHG Stryker (NYSE:SYK), as expected, opened 2015 with an acquisition, just not the 1 most anticipated by observers.

The Kalamazoo, Mich.-based medical device giant is rumored to be near an offer for British rival Smith & Nephew (FTSE:SN, NYSE:SNN). But today Stryker said it picked up privately held CHG Hospital Beds for an undisclosed amount.

London, Canada-based CHG specializes in low-height beds designed to lower the risk of patient falls, according to a press release. Its offerings include the Spirit One bed, an expandable low-height bariatric bed for the acute care segment, Stryker said.

"The acquisition of CHG aligns with Stryker's commitment to offering products that enhance the quality of care for both patients and healthcare professionals; in this case, aiding in the prevention of patient related injuries resulting from a fall from a hospital bed," medsurg & neurotech group president Timothy Scannell said in prepared remarks. "This acquisition will bolster Stryker Medical's bed offerings and allow us to offer additional solutions to our customers."

Stryker, which is said to be readying a bid for Smith & Nephew at a significant premium, said it expects the CHG buy to be neutral to 2015 adjusted earnings per share and "accretive thereafter."

 

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