Kalamazoo's Stryker Corp. to buy Sage Products for $2.8 billion
Tuesday, February 02, 2016
Posted by: Kate Oesterle
Illinois company makes products to prevent hospital-acquired illnesses
TOM HENDERSON Crain's Detroit Business
Kalamazoo-based Stryker Corp. (NYSE: SYK) announced Monday that it has agreed to buy Sage Products LLC, a maker of products to prevent hospital-acquired conditions, for nearly $2.8 billion in cash.
Stryker, a leading medical technology company, is buying Sage, which is based in Cary, Ill., from Madison Dearborn Partners, a private-equity firm based in Chicago that acquired a majority stake in Sage in 2012.
Sage, a 45-year-old company with more than 800 employees, will continue to operate under that brand as part of Stryker’s medical division. Current management, led by President and CEO Scott Brown and Chairman of the Board Vincent Foglia, will remain in place.
“We are grateful for MDP’s partnership over the past few years and believe that Sage is well-positioned for continued achievement and long-term success with Stryker, a company that understands our business, supports our goals and embraces our values,” Brown said in a news release.