Synthes-Stratec Inc. and Mathys Medizinaltechnik AG announce the closing of their merger creating a Global Synthes Company
Oberdorf/Switzerland, February 9, 2004
Synthes-Stratec Inc. (SWX:SYST), located in Paoli, Pennsylvania and Oberdorf, Switzerland and Mathys Medizinaltechnik AG, located in Bettlach, Switzerland, announced today that they have consummated the worldwide merger of their osteosynthesis organizations, with the exception of their operations in Germany. The merger will not take effect in Germany, where merger control proceedings are still ongoing.
Synthes-Stratec fully respects the time needed by the German Bundeskartellamt to complete their review procedure with respect to the German market. However, it is vital for the future growth and success of the combined Synthes Company to move ahead with the worldwide (except in Germany) integration of its operations. This decision is important to maintain momentum and provide security to employees and to generate economic value to the shareholders of Synthes-Stratec.
The German operations of Mathys are not acquired by Synthes-Stratec and will continue to be conducted independently until the German authorities have decided on the clearance of the merger. Synthes-Stratec and Mathys Osteosynthesis, Bochum have entered into an agreement ensuring that Mathys Osteosynthesis, Bochum can continue to compete in the German market. The German Bundeskartellamt is not expected to announce a decision on the merger in Germany until the middle of March at the earliest.
The shareholders of Mathys Medizinaltechnik AG and the Board of Synthes-Stratec approved this transaction. During their meetings on February 2 & 3, 2004, the Board of Synthes-Stratec also confirmed Hansjörg Wyss as Chairman and CEO, and appointed Mr. Erwin Locher, former President of Mathys Medizinaltechnik AG, as Chief Operating Officer of the combined global Company.
For further information please contact
Peter Fehlmann, Investor Relations, Synthes-Stratec, Inc.
Phone: +41 61 965 63 39, Fax: +41 61 965 66 06
e-mail: ir.info@synthes.com