Stryker acquired Turkish medical equipment company Muka Metal.
Here are six things to know about the transaction:
1. Stryker acquired the overseas company that sells hospital beds, stretchers and related patient room furniture and accessories in an all-cash transaction.
2. Muka Metal serves markets across Turnkey as well as other regions globally.
3. The two companies have had a distribution agreement for Latin America since 2012. The acquisition will expand Stryker's global presence in key markets with Muka's product portfolio to complement current offerings.
4. Muka launched in 2002 and has become a leader in the market. The company finished construction on a new facility last year located in a free trade zone within Kayseri.
5. The transaction is subject to customary closing conditions and is expected to be neutral to Stryker's earnings per share excluding acquisition, integration-related and intangible amortization charges this year and accretive thereafter.
6. The transaction is expected to close in the third quarter.
"The acquisition of Muka aligns with our strategy to expand our global presence through existing channels with an established and trusted brand," said Stryker Group President, MedSurg and Neurotechnology Timothy J. Scannell. "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."