Once again, Business Today has a lot about the area's economic health, which has a lot to do with businesses that deal in healthcare.
- Michigan-based company buys Gaymar for $150 million - Matt Glynn/The Buffalo News
Gaymar Industries' new owner has no changes planned for the Orchard Park medical device maker's local operations or work force, Gaymar's chief executive officer said.
Michigan-based Stryker Corp. announced Wednesday that it has agreed to buy Gaymar for $150 million in an all-cash transaction. Both companies' boards of directors have approved the deal. ...
Gaymar in Orchard Park has about 170 full-time employees, plus 35 temporary workers and contractors. Its Puerto Rico operation has 135 employees. The company earlier this year closed a plant in Kitchener, Ont., and shifted the work to Orchard Park.
Gaymar makes products that treat pressure ulcers and manage body temperature. It has been owned since 2003 by private equity firms Nautic Partners and Norwest Equity Partners. Gaymar was founded in 1956, and its operations have been based in Quaker Centre Industrial Park since 1984.
Gaymar's buyer is a vastly larger medical products company. Stryker, which is publicly traded, reported 2009 profits of $1.1 billion on sales of $6.7 billion, and ranked No. 333 on the Fortune 500. By comparison, Gaymar reported 2009 sales of about $77 million.
This how-to-invest video focusing on Stryker is more than three years old, but still some nice comic relief:
- Health insurers ranked by complaints - Jonathan D. Epstein
HealthNow New York’s Community Blue had the least upheld complaints among all HMOs in the state last year, while Independent Health’s traditional indemnity plan had the fewest in that category, according to a new report by state regulators.
According to the latest Consumer Guide to Health Insurers, released Wednesday by the state Insurance Department, Community Blue had just one complaint upheld by the state out of 34 filed with insurance regulators last year. Seven others were filed with the state Department of Health, with three upheld.
Independent Health’s HMO was second among the 12 HMOs statewide, with three complaints upheld out of 32 filed with insurance regulators, and neither of two upheld at the Health Department.
Excellus, parent of Univera Healthcare, was fifth, with 42 of 155 upheld by insurance regulators and nine of 22 at the Health Department.
-- George Pyle/The Buffalo News
taggedCurrent Affairs | Health Care | The Economy