Pioneer Surgical Technology Bought Out
MARQUETTE, MI – (Great Lakes Radio News) – A Florida-based company has announced it’s planned purchase of Pioneer Surgical Technology of Marquette.
RTI Biologics Inc., a provider of orthopedic and other biologic implants, announced its intent to acquire Pioneer for $130 million in cash earlier today.
The new company will have a new name to reflect its expanded products and services and will be headquartered in Alachua, Florida. There is no immediate word on what the acquisition will mean for the Marquette facility, but according to RTI, the new company will maintain manufacturing facilities in the U.S. and Germany as well as offices in the Netherlands.
RTI’s current President & CEO and their Executive Vice President & CFO will retain their positions. The remainder of the executive team will be made up of the current RTI management team and some members of the current Pioneer senior leadership.
The merger is subject to customary closing conditions and regulatory approval and is expected to close in the third quarter of this year.
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