Layoffs: Zimmer aims to 'keep everybody' following $13.3B Biomet mega-merger (Mass Device)
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Zimmer is poised to become the 2nd-largest player in the orthopedics space by absorbing Biomet, and the company expects to need the entire sales force of both companies.
Zimmer (NYSE:ZMH) president & CEO David Dvorak is looking to avoid layoffs as much as possible following the pending mega-merger with long-time rival Biomet.
Both companies run their own independent distributor networks and Dvorak said he aims to keep both, expecting that the combined portfolio of Zimmer and Biomet products will provide "plenty for those sales reps to do."
He hasn't worked out the details yet, but the companies have set up an "integration steering committee" to help figure out how to merge the networks without creating unnecessary redundancies. Zimmer also said that it would form teams to assist with the integration and look for best practices at each firm to maintain following the merger.
"Every one of these reps is going to have a broader bag and every one of these reps is a value creator today. Otherwise they wouldn't be in those positions," Dvorak said during a call wi...
