Gaymar Industries, a manufacturer of support surface and pressure ulcer management solutions, will see its Orchard Park and West Seneca, NY, operations close by the end of 2012, a move that will cost 160 jobs. Gaymar was bought by Stryker ($SYK) last year for $150 million in an all-cash transaction.
A Puerto Rican facility is "not impacted at this time," Stryker said, according to The Buffalo News. Gaymar's equipment will be moved to other Stryker sites and supply chain partners, but the parent company didn't specify where.
The announcement of the closures comes roughly a month after Kalamazoo, MI-based Stryker said it will cut roughly 5% of its workforce and institute other restructuring activities to reduce pretax operating costs by more than $100 million beginning in 2013. The company cited the implementation of the medical device excise tax and a slowdown in elective procedures as reasons for the layoffs.
Gaymar was founded in 1956 and had been owned by private equity firms Nautic Partners and Norwest Equity Partners prior to its acquisition by Stryker. Gaymar and Stryker had been in a 10-year original equipment manufacturer relationship prior to the buyout. The arrangement had given Stryker exclusive rights to sell support surface and pressure ulcer management products to acute care customers in North America.
- get more from The Buffalo News