Otto Bock Expands Pediatric Product Line
Otto Bock HealthCare Canada Expands its Children’s Products through Acquisition
Purchase of VASI part of strategic growth plan
OAKVILLE, ONTARIO, June 14, 2005 – Otto Bock HealthCare Canada Ltd. is pleased to announce the purchase of the assets of Variety Ability Systems Incorporated (VASI). VASI is a manufacturer and distributor of innovative and high quality assistive device technology specifically for children with physical challenges. The purchase allows Otto Bock to expand and grow its children’s prosthetics and orthotics line and enhance its research and development opportunities in upper extremity prosthetics.
“We see this acquisition as a great opportunity for both organizations to advance the development and distribution of products that will help improve children’s mobility options,” said Mark Agro, Vice President and General Manager of Otto Bock HealthCare Canada. “Our organizations have similar goals and cultures and we are confident that integrating our decades of expertise will create a synergy that results in benefits for our employees, our customers, and especially for the children.”
VASI was created in 1970 as a subsidiary of Variety – The Children´s Charity, a leading not-for-profit organization that makes a difference in the lives of children with special needs through various programs and services. VASI has fitted thousands of children with prosthetic and orthotic systems. Among such fitting solutions were myoelectric (ie.muscle signal controlled) upper extremity prostheses.
“Variety Village is selling VASI in order to focus its charitable efforts in new areas that will improve the quality of life of children with physical, developmental and social disabilities,” explains David Allen, Executive Director of Variety – The Children’s Charity. “When Variety Village established VASI in 1970, we were filling a hole in the marketplace. Today, companies like Otto Bock do an excellent job of providing quality assistive devices for children with special needs.”
VASI will have access to Otto Bock’s network of research and development centers, and VASI products will be available through Otto Bock’s global network of sales and export offices.
Financial details of the acquisition, between the two private companies, were not announced.
About Otto Bock HealthCare
Otto Bock HealthCare GmbH is the world market leader in developing, manufacturing and selling technologically advanced prosthetic and orthotic componentry. The 85-year-old company employs more than 3,800 people in 32 countries. Established in 1919, Otto Bock HealthCare is based in Duderstadt, Germany. In 1958 Otto Bock HealthCare established the North and South American corporate office in Minneapolis, Minnesota. The Canadian headquarters was established in 1978 in Winnipeg, Manitoba, and then relocated to Oakville, Ontario in 1993.
Otto Bock HealthCare has successfully entered the rehabilitation market in North America, Europe and Asia, developing highly specialized mobility and seating solutions for adults and children. The company produces over 20,000 types of prosthetic and orthotic components, rehabilitation products, mobility products, technical plastics and foot care technology. For more information please visit www.ottobock.ca or www.ottobockus.com.
