Stryker Corporation announced today a definitive agreement to acquire Muka Metal, A.S. ("Muka") in an all cash transaction. Muka, headquartered in Kayseri, Turkey, sells hospital beds, stretchers and related patient room furniture and accessories that serve markets across Turkey and other regions globally.
"The acquisition of Muka aligns with our strategy to expand our global presence through existing channels with an established and trusted brand," said Timothy J. Scannell, Stryker Group President, MedSurg and Neurotechnology. "This acquisition will bolster Stryker Medical's bed and stretcher offerings, and is a compelling opportunity to drive growth in Turkey and other regions around the world."
Stryker and Muka have maintained a relationship under a distribution agreement for Latin America since 2012, and with this acquisition Stryker will expand its global presence in key markets with a product portfolio that complements and enhances Stryker's current offerings.
Since launching its first hospital bed in 2002, Muka has established itself as a leading manufacturer and marketer of hospital beds, stretchers and related patient room furniture and accessories. Muka finished construction in mid-2014 of a modern, state of the art facility located in a free trade zone within Kayseri.
The closing of the transaction is subject to customary closing conditions. Upon closing, the transaction is expected to be neutral to Stryker's 2015 earnings per share excluding acquisition, integration-related and intangible amortization charges and accretive thereafter. The transaction is expected to close in the third quarter of 2015.