agreed to take a controlling stake in Floreane Medical Implants of France, owner of the highly respected Sofradim line of medical implant products.
Tyco will pay about $145 million in the acquisition, which will give Tyco 41% of the stock and 55% of the vote. Floreane's 2004 sales were $31 million.
"Floreane is an innovator in the application and use of surgical mesh to provide tissue reinforcement for procedures such as hernia repair," said Tyco Healthcare President Rich Meelia. "This acquisition will expand Tyco Healthcare's surgical product portfolio and position us to provide our health-care customers with a complementary range of products to improve clinical outcomes in this disease segment. At the same time, it will allow us to capitalize on our global sales force and infrastructure to greatly expand product distribution."
On Wednesday, Tyco shares slipped 48 cents to $28.37.