Michigan-based company Stryker Corporation reached an agreement to purchase Gaymar Industries of Orchard Park.

Under the terms of the agreement, Stryker will acquire Gaymar Industries for approximately $150 million.

The company is located at 10 Centre Dr., off of Route 20A.

Gaymar specializes in support surface and pressure ulcer management solutions as well as the temperature management segment of the health care industry.

The purchase is expected to be finalized by Oct. 1. The boards of directors of both Stryker and Gaymar Industries approved the sale.

Gaymar Industries was founded in 1956 and has been owned by private equity firms Nautic Partners and Norwest Equity Partners since 2003.

Stryker’s medical division and Gaymar have a 10-year original equipment manufacturer relationship whereby Gaymar has been providing Stryker with exclusive rights to sell support surface and pressure ulcer management products to acute care customers in North America.

The acquisition expands Stryker’s product offerings in the high-performance support surface and pressure ulcer management market, while also providing a complementary product offering to its existing customer base through its temperature management technology platform.

“The acquisition of Gaymar Industries is consistent with our strategic goal of expanding our existing product offering and extensive sales force presence via innovative and value added products,” said Stephen P. MacMillan, chairman, president and chief executive officer of Stryker.

“In addition to a talented team, Gaymar provides our Medical division with an attractive portfolio of high-performance support surface and pressure ulcer management products that target an approximately $1.8 billion worldwide market, while simultaneously enhancing our customer relationships through the addition of their temperature management offering,” said MacMillan.

“We are thrilled to become part of Stryker and broaden the availability of our clinically proven products,” said Kent Davies, CEO of Gaymar. “The integration of our complementary product portfolio will strengthen Stryker's leadership in patient handling while driving innovations that can help prevent adverse events and reduce healthcare costs. Through Stryker, we will provide more opportunities to our employees, our customers and the patients that we serve.”