Stryker to Buy Memometal Technologies in $150 Million Deal

Medical device company Stryker Corp (NYSE:SYK) agreed to buy privately held Memometal Technologies SA to gain surgical products for feet, hands and other extremities.

The deal for the French company is valued at $150 million and up to an additional $12 million of milestone payments, Stryker said on Monday. It is expected to close in the third quarter and be neutral to Stryker's 2011 earnings.

France-based Memometal had sales of roughly $30 million last year.