Zimmer Holdings announced that, after the closing of the Biomet transaction, the company will be known as Zimmer Biomet. The company also announced its future executive leadership team and organizational structure for the combined company.
Until the closing of the transaction, the respective companies will continue to operate under their current leadership structure and as two separate organizations. The executive leadership team of the new Zimmer Biomet will comprise 12 executives reporting directly to Dvorak and will be organized around three business units, three geographic regions, and six functional areas, according to Zimmer.
In a statement, David Dvorak, president and CEO of Zimmer, said this marked an important company milestone.
"Zimmer and Biomet each have extraordinary talent across all levels, and we are confident that we have put in place a team and organizational structure to drive the combined company into this new chapter," said Dvorak, who will continue as president and CEO of the combined company.
As previously announced on April 24, 2014, Zimmer and Biomet agreed to combine in a transaction valued at approximately $13.35 billion. The combination, which is expected to close in the first quarter of 2015, remains subject to the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, approval from the European Commission and the Japan Fair Trade Commission, and other customary closing conditions. It is expected that the combined company's shares will trade on the New York Stock Exchange under Zimmer's current ticker symbol of ZMH following the closing.
