September 1, 2014
Symmetry Medical recently announced it has entered into a definitive agreement to sell its OEM Solutions business to Tecomet and simultaneously transfer shareholder ownership into a new company holding for its surgical business.
Under the agreement, Tecomet will purchase Symmetry OEM Solutions for $450 million in cash, or $7.50 per share after fees and elimination of outstanding debt, according to a company press release. Shareholders of Symmetry Medical will be given ownership stakes in Symmetry Surgical, which will become a new publicly traded company after the agreement is consummated. Shares of Symmetry Medical will be converted to shares of Symmetry Surgical at a 4-to-1 ratio. The transaction is expected to be completed by the end of 2014.