Stryker pulls the trigger on Muka Metal acquisition

Stryker (NYSE:SYK) today confirmed an earlier report of the acquisition of Turkish hospital bed and stretcher maker Muka Metal in an all-cash transaction, but did not specify the amount.

Kayseri, Turkey-based Muka began producing hospital beds in 2004, and has expanded into patient handling equipment, stretchers and hospital furniture. The company, founded in 1966, developed the 1st wireless nurse calling system, and exports to 60 countries across the U.S. It also makes non-medical products, including office furniture and household electrical appliances.

“The acquisition of Muka aligns with our strategy to expand our global presence through existing channels with an established and trusted brand,” medsurg & neurotechnology president Timothy Scannell said in prepared remarks. “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.”

Stryker said the deal, slated to close during the 3rd quarter, is expected to be neutral to adjusted 2015 earnings.

In June, Stryker told analysts that mergers & acquisitions are its top priority for the $2.59 billion in ready cash it’s carrying on its balance sheet, with small or mid-sized deals more likely than a blockbuster like the much-speculated-upon possibility of a merger with rival Smith & Nephew (NYSE:SNN).

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