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Byline: AMY REEVES
Zimmer Holdings Inc. is just a baby as an independent company, but it's growing up fast.
The surgical implant maker, spun off from Bristol-Myers Squibb Co. two years ago, just closed a deal that made it the biggest player in its space.
It spent an undisclosed amount to buy Swiss counterpart Centerpulse AG, which took in more than $800 million in sales last year.
"Internally, we've defined this deal as the perfect fit," said Zimmer Chief Executive Ray Elliott. "There's a lack of overlap almost anywhere you want to look."
Zimmer's sales have mostly come from the U.S. and Japan, with just 12% coming from Europe. Centerpulse's strength lies in northern Europe.
The deal also fills out Zimmer's product lines. It was already a top player in artificial hips and knees, but some rivals were developing more lucrative products. One of them, Stryker Corp., has seen recent success with its ceramic hips -- a device Zimmer didn't have until it bought Centerpulse.