Porex Corporation ("Porex"), a portfolio company of Los Angeles-based investment firm Aurora Capital Group, today announced that it has sold its Porex Surgical division to Stryker Corporation ("Stryker") (NYSE: SYK).
"This transaction allows us to focus on our core customers and technologies, and enhance our industry leadership. We support the largest and most innovative companies in the healthcare, bioscience, industrial and consumer sectors with the most advanced porous plastic materials science technologies," said William Midgette, President and Chief Executive Officer of Porex. "Since pioneering the industry almost 50 years ago our mission has been a relentless focus on innovation in partnership with our customers, and this transaction allows us to dedicate all of our resources to furthering that mission. We are also pleased to have found a strategic partner for Surgical that is committed to the business' success and will allow its own technology to reach its full potential. We are grateful to all Porex Surgical employees for their talent and hard work and we wish them continued success as part of Stryker."
Terms of the transaction were not disclosed.
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