Just a little more than a year after Gaymar Industries was acquired by Stryker Corp. in a $150 million cash deal, the company is now shutting its area operations.
The closings in Orchard Park and West Seneca will put approximately 160 people out of work.
The privately-held Orchard Park medical manufacturer, which specializes in support surface, pressure ulcer management solutions for the health-care industry, was bought by medical devices giant Stryker (NYSE: SYK) of Michigan in a deal announced in late summer 2010.
A statement from the company issued Thursday said the process of closing down production lines and relocating equipment to other Stryker sites or supply chain partners will take place in phases and will be completed by the end of 2012.
When the transaction was announced, Gaymar CEO Kent Davies said, "We've been working with them for 10 years. It's always a subject to talk about how things can get better and where we can take the relationship."
Gaymar Industries was founded in 1956 and, prior to the sale to Stryker, since 2003 had been owned by private equity firms Nautic Partners and Norwest Equity Partners.
The production facility in Guayama, Puerto Rico, is not impacted at this time by this change, and service and delivery to customers will not be affected.