Abstract
The three AO-licensed producers—Mathys, Straumann, and Synthes USA—had all operated under the same exclusive AO supply agreement since 1963. Prior to the legal change of becoming a foundation, the producers had only advisory roles, with no voting rights concerning key business arrangements impacting on their businesses. With the creation of the AO Foundation, the producer’s roles changed and they gained voting rights as part of the Business Council, although a small majority of seats were still held by surgeons. The change in voting rights, opposed by some of the AO founders at that time, gave the producers more status and a stronger voice in defending their interests.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsNotes
- 1.
Source: The Mathys Company, unpublished data, 2018.
- 2.
AO Foundation Financial Records.
- 3.
Based upon available information, the purchase price at the time amounted to less than 1x sales, a relatively low amount given the profitability and growth prospects of the AO implant business in the US.
- 4.
“Die Schweiz ist mir zu kompliziert”, Weltwoche, 8 October, 2014.
- 5.
Interview with Thomas Straumann, conducted on 1 March, 2018, in Basel.
- 6.
Interview with Thomas Straumann, Op. cit. This purchase price would amount to about 1.6x 1989 sales. This is higher than what Wyss paid for Synthes USA, but it is still a relatively modest amount for this type of business.
- 7.
Julius Bär, Analyst Investor Report on Stratec, 26 February, 1999.
- 8.
Julius Bär, Op. cit.
- 9.
Synthes USA sales were reported at CHF 618 million for 1998 as per Julius Bär Analyst Investment Report, Op. cit.
- 10.
Julius Bär, Op. cit.
- 11.
Julius Bär, Op. cit.
- 12.
Synthes-Stratec Annual Report 2002.
- 13.
Company privately held. Financial data not published and has been estimated by author.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 2019 Springer Nature Switzerland AG
About this chapter
Cite this chapter
Jeannet, JP. (2019). M&A Turbulence Among Producers: First There Were Three, Then There Was Only One. In: Leading a Surgical Revolution. Springer, Cham. https://doi.org/10.1007/978-3-030-01980-8_34
Download citation
DOI: https://doi.org/10.1007/978-3-030-01980-8_34
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-01979-2
Online ISBN: 978-3-030-01980-8
eBook Packages: Business and ManagementBusiness and Management (R0)