Local orthopedic company Biomet Inc. currently is owned by a private consortium, but in the next several years, that is likely to change.
Jeff Binder, CEO and president of Biomet, was the guest speaker at the Warsaw Morning Optimists Club weekly meeting at the Shrine building at the Kosciusko County Fairgrounds this morning.According to Binder, Biomet probably will be back on the stock market sometime in the next several years.
"By far, it is most likely that at some point in the next several years (the private group) will take the company back on the public market," Binder said. "It's not 100 percent, but it is a high probability in my opinion."
While the private company is in charge, the group will try to make Biomet grow and rise in value.
Binder also spoke about Biomet's "proud history" and highlighted its growth over the past 30 years.
The company was named the No. 7 USA Today list of the "Top 25 Stocks You Should Have Bought Over The Last 25 Years" in 2007. Microsoft was No. 8 on the same list, which appeared in the April 16, 2007, edition of USA Today.
He also highlighted Biomet's "legacy of clinical success" and said the company is "a can-do family" that works together to advance patient care. The company also is community minded and will give more than $100,000 to organizations and charities in the community this year.
"We are proud to have our headquarters in Warsaw," Binder said.
Binder also said that, unlike many other companies, Biomet's purchase by a private consortium is not a reason for concern. While the consortium's goal is to improve profits and make the company better, Binder said not to expect to see job cuts and other drastic measures to maximize profits.
"I wouldn't have signed on if that were the case," Binder said.
The private group wants to make money, but recognizes that orthopedics is a great business to be in, and they are not only interested in making a profit.
Binder also said he has always respected organizations like the Optimists because they work to help children. At age 12, Binder was diagnosed with Non-Hodgkins Lymphoma and his family received help from several organizations during the illness.
"If you help a child in need, they will remember it," Binder said.
Binder said he started his career as a management consultant, giving advice to companies about how to improve.
"I fell in love with orthopedics as a consultant," Binder said, adding the orthopedics was one of the few companies that is only successful if they help surgeons relieve their patients' pain.
Binder said he talked with OrthoPediatrics co-founder Nick Deeter, and said their companies may work together on projects in the future.
"I don't understand the notion of competition when it comes to helping children," Binder said. "I wish success to (OrthoPediatrics), especially since they are developing products for children."
