Warsaw, Ind.-based Zimmer Biomet Holdings will be spinning off the company's spine and dental businesses to form a new and independent, publicly traded company, dubbed "NewCo."
"The transaction is an important step toward shifting our portfolio mix to higher-growth markets where we have a clear path to leadership and right to win," Bryan Hanson, president and CEO of Zimmer Biomet, said in a Feb. 5 news release. "We believe NewCo will thrive as an independent company with prioritized capital allocation to pursue strategic growth opportunities and investment strategies in the large and growing spine and dental markets."
Mr. Hanson will continue to serve as Zimmer Biomet's president and CEO. The search for a NewCo CEO is in its final stages. The spinoff is set to be complete by mid-2022.
Zimmer Biomet is a global leader in oral reconstruction and is well-positioned in several segments of the dental market.