Proteor to Expand Lower Limb Prosthetics Portfolio Through Its Acquisition of Freedom Innovations Assets
TEMPE, Ariz.--(BUSINESS WIRE)-- Proteor USA, LLC, a wholly owned subsidiary of the France based, Proteor Group, has signed an agreement with Ottobock to acquire a significant portion of the lower limb prosthetics portfolio of Freedom Innovations which demonstrates Proteor’s continued commitment and investment in the worldwide prosthetic industry. The agreement was reached by Proteor and Ottobock at the end of September 2020 and the proposed transaction is anticipated to close by the end of 2020.
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Under the agreement, Proteor will expand substantially its lower limb prosthetics portfolio and acquire a range of Freedom Innovations’ flagship products, including the Plié3 microprocessor knee, the Kinnex and Kinterra ankles, and the Agilix, Highlander, Dynadapt, Sierra and Pacifica feet products.
Both Proteor and Freedom Innovations share a similar mission to increase the independence and well-being of people who use their products by offering innovative, high-performance solutions that deliver security, stability, and comfort for a reasonable price. Through the acquisition of a significant portion of Freedom Innovations, Proteor is eager to combine the teams in the United States and Europe and expand globally, thereby providing a clear choice to prosthetists and their patients for enhanced outcomes.
“We strongly believe in the long-term benefits of this move for the people we serve around the world. By combining the expertise of our teams in the US and Europe, the momentum we generate will continue to build Proteor’s presence within the O&P community,” said Edouard Archambeaud, COO and member of the Managing Board of Proteor.
Matthew Swiggum, President and CEO of Proteor USA states, “We are dedicated to providing inventive, dependable products to the orthotic and prosthetic community that offer increased independence with an outstanding product portfolio. Working with the passionate and skilled team at Freedom Innovations is a pleasure we’re all looking forward to.”
For Proteor, the proposed transaction will reinforce its positioning and growth strategy worldwide, while creating synergies within innovation platforms, significant continuous R&D investment, and a focus on mechatronic lower limb solutions. This proposed transaction will further build upon Proteor’s presence in the United States lower limb prosthetics market, already strengthened by Proteor’s prior acquisition of Ability Dynamics’ RUSH Foot portfolio, which further illustrates Proteor’s commitment to its markets worldwide.
The terms of the proposed transaction between Proteor and Ottobock remain subject to the final approval of the Commissioners of the U.S. Federal Trade Commission (FTC) and are meant to satisfy Ottobock’s obligations under the Order from the FTC to divest certain assets from the U.S. company Freedom Innovations. Once approval from the FTC is obtained, Proteor USA will integrate a significant number of Freedom Innovations team members in manufacturing, sales, marketing, R&D and clinical from Gunnison, Utah; Irvine, California; and Germany.
Proteor, an independent family-company, was established 105 years ago with its headquarters in Dijon, France. Proteor operates in the O&P market with three key areas of activities: software’s, components and custom-made devices. Thanks to continuous investments in innovation, many medical and scientific partnerships, and day to day cooperation with CPOs, Proteor enjoys a recognized expertise all over the O&P community.
For additional information visit http://proteorusa.com/.
Source: Proteor USA, LLC
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