History
The Orthopedic Frame Company, precursor of Stryker Corporation, was formed on February 20, 1941 by Dr. Homer Stryker, a Kalamazoo, Michigan based orthopedist. Stryker developed the Turning Frame—a mobile hospital bed that allowed for repositioning of injured patients while providing necessary body immobility, the cast cutter—a cast cutting apparatus that removed cast material without damaging underlying tissues, and the walking heel, among others. In 1964, the company name underwent revision and was officially changed to Stryker Corporation.
In 1979 Stryker made an initial public offering of stock and later acquired Osteonics Corporation, entering the replacement hip, knee, and other orthopaedic implants market (Stryker). In 1999 annual sales reached $2.1 billion and in 2000 Stryker was included in the S&P 500 and the Forbes Platinum 400 for the first time. In 2002 sales reached $3.0 billion and Stryker was listed in the Fortune 500 for the first time.
In 2003 Stephen P. MacMillan joined Stryker as President and COO. In 2005, annual sales reached $4.9 billion and John W. Brown transitioned to the single role of Chairman of the Board while Steve MacMillan became President & CEO. Steve MacMillan resigned from the post of CEO in 2012 stating family reasons.Curt Hartman, the chief financial officer, will serve as interim CEO while Stryker searches for a permanent successor to MacMillan. By 2007, Stryker sold its Physiotherapy Associates division to private equity firm Water Street Healthcare Partners for $150 million.
As of a 2007-2008 global market overview of top medical technology firms, Stryker maintains a number 10 locus with total portfolio sales in excess of $6 billion; this figure marks an increase of approximately 20% over the previous period. Since 1999 the company has sustained comparable rates of growth. Moreover, the firm maintains 16% worldwide orthopaedic market share; Stryker retains more of the orthopaedic market than any other of the nation’s foremost producers in the segment: DePuy Orthopaedics, Zimmer Holdings, Medtronic, Synthes, Smith & Nephew, and Biomet, among others.
The company was recognized in by Hermann Simon as a role model for other small to medium sized business in his book Hidden Champions.
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