Symmetry Medical, OrthoPediatrics Sign Agreement
July 28, 2016 at 4:25 p.m.
By Staff Report-
Under terms of the agreement, Symmetry will serve as a manufacturer of implants, instruments and cases, and provide engineering resources, inventory management, warehousing and full supply chain management services through Symmetry's Total Solutions® offering.
New product development services will be provided by Symmetry's Design and Development Center.
Finished products and sets will be shipped direct from Symmetry to distributors and hospitals.
Revenues to Symmetry from the exclusive supply of products, supply chain management and product development services agreement are expected to total approximately $3 million in 2010.
In addition, Symmetry will receive fees for inventory management, warehousing and supply chain management services.
The nature of the agreement enables Symmetry to participate in the success of OrthoPediatrics and their new product introductions in the market.
Brian Moore, president and Chief Executive Officer of Symmetry Medical, said, "Our agreement with OrthoPediatrics is consistent with our strategy to deliver more Total Solutions® services to our customers, from prototype manufacturing to delivery and supply chain management. By providing a top-to-bottom solution, we expect to be able to help OrthoPediatrics decrease their cost and significantly improve time to market with their products. We are confident that Symmetry is well positioned to continue expanding these types of complete services to both our large and small customers."
"This is a unique offering not typically seen in the orthopedics industry and will bring a level of efficiency to OrthoPediatrics that only comes with years of experience," said Nick Deeter, OrthoPediatrics co-founder, chairman, president and CEO. "Symmetry is a great match for OrthoPediatrics. They are a strong company with an entrepreneurial team that believes in our cause to help children."[[In-content Ad]]"This exciting relationship between Symmetry and OrthoPediatrics allows both companies to leverage their individual expertise and grow in a challenging economy. It also showcases how Indiana companies can creatively work together to truly create a win-win relationship," said Mitch Roob, secretary of commerce and chief executive officer of the Indiana Economic Development Corp.
Under terms of the agreement, Symmetry will serve as a manufacturer of implants, instruments and cases, and provide engineering resources, inventory management, warehousing and full supply chain management services through Symmetry's Total Solutions® offering.
New product development services will be provided by Symmetry's Design and Development Center.
Finished products and sets will be shipped direct from Symmetry to distributors and hospitals.
Revenues to Symmetry from the exclusive supply of products, supply chain management and product development services agreement are expected to total approximately $3 million in 2010.
In addition, Symmetry will receive fees for inventory management, warehousing and supply chain management services.
The nature of the agreement enables Symmetry to participate in the success of OrthoPediatrics and their new product introductions in the market.
Brian Moore, president and Chief Executive Officer of Symmetry Medical, said, "Our agreement with OrthoPediatrics is consistent with our strategy to deliver more Total Solutions® services to our customers, from prototype manufacturing to delivery and supply chain management. By providing a top-to-bottom solution, we expect to be able to help OrthoPediatrics decrease their cost and significantly improve time to market with their products. We are confident that Symmetry is well positioned to continue expanding these types of complete services to both our large and small customers."
"This is a unique offering not typically seen in the orthopedics industry and will bring a level of efficiency to OrthoPediatrics that only comes with years of experience," said Nick Deeter, OrthoPediatrics co-founder, chairman, president and CEO. "Symmetry is a great match for OrthoPediatrics. They are a strong company with an entrepreneurial team that believes in our cause to help children."[[In-content Ad]]"This exciting relationship between Symmetry and OrthoPediatrics allows both companies to leverage their individual expertise and grow in a challenging economy. It also showcases how Indiana companies can creatively work together to truly create a win-win relationship," said Mitch Roob, secretary of commerce and chief executive officer of the Indiana Economic Development Corp.
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