AUSTIN, Texas, Sept. 25 /PRNewswire-FirstCall/ -- Encore Medical Corporation announced today that, effective October 1, 2006, Peter W. Baird will join Encore Medical Corporation as Group President - Therapeutic Devices, where he will have responsibility for Encore's Empi, Ormed and Compex subsidiaries. His appointment was announced by Kenneth W. Davidson, Chairman and Chief Executive Officer of Encore Medical.
At Encore, Mr. Baird will be responsible for leading Encore's pain- management and home orthopedic-rehabilitation businesses. Encore is a U.S. market leader in these areas, having acquired and merged Empi, Inc. and Compex Technologies, Inc., during the past two years. Mr. Baird will also be responsible for Encore's European subsidiaries, Ormed and Compex SA. These businesses provide Encore Medical with significant presence in the European pain-management market, and in the market for electrical stimulation used in sports and fitness applications.
Commenting on the announcement, Mr. Davidson said, "Encore's ongoing success will depend on building from our bases in rehabilitation, surgical implants and clinical devices. Adding someone of Peter's skill and experience strengthens our management team significantly. Having him focus on the therapeutic-devices business will greatly help us achieve our growth and profitability objectives. This addition will also allow Paul Chapman, our current President and Chief Operating Officer, to concentrate more fully on our Chattanooga Group and Surgical Implant businesses. Reflecting that focus, Paul will take the title of Group President - Surgical and Rehabilitation. He and Peter will work together closely in support of each other, and to drive group-wide results."
Mr. Baird, 40, joins Encore from McKinsey & Company, where he was a partner in the Mid-Atlantic Office. At McKinsey, he concentrated on serving healthcare clients on a wide range of strategic and transactional issues. His particular focus was on growth strategies and operational improvements for mid-sized medical device and pharmaceutical companies. Prior to joining McKinsey, Mr. Baird was a principal at Brait Capital Partners, a South African private-equity firm, and he was an economics lecturer at the University of Cape Town. He also worked as an investment banker at Lehman Brothers in New York. A 1995 graduate of Stanford Graduate School of Business, Mr. Baird is also a member of the Council on Foreign Relations.
Encore Medical Corporation is a diversified orthopedic device company that develops, manufactures and distributes a comprehensive range of high quality orthopedic devices used by orthopedic surgeons, physicians, therapists, athletic trainers and other healthcare professionals to treat patients with musculoskeletal conditions resulting from degenerative diseases, deformities, traumatic events and sports-related injuries. Through its Orthopedic Rehabilitation Division, Encore is a leading distributor of electrical stimulation and other orthopedic products used for pain management, orthopedic rehabilitation, physical therapy, fitness and sport performance enhancement. Encore's Surgical Implant Division offers a comprehensive suite of reconstructive joint products and spinal implants. For more information, visit http://www.encoremed.com/ .
Important Information
Encore has filed with the Securities and Exchange Commission a current report on Form 8-K, which includes a copy of and more detailed information about a merger agreement and related documents it entered into with affiliates of The Blackstone Group. Encore will submit the proposed merger to its stockholders for their consideration, and Encore will file with the Securities and Exchange Commission and mail to its stockholders a proxy statement to be used to solicit shareholder approval of the proposed merger. This proxy statement will contain information about Encore, the proposed merger and related matters. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT CAREFULLY WHEN IT IS AVAILABLE, AS IT WILL CONTAIN IMPORTANT INFORMATION THAT STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING A DECISION ABOUT THE MERGER. In addition to receiving the proxy statement from Encore by mail, stockholders will be able to obtain the proxy statement, as well as other filings containing information about Encore, without charge, from the Securities and Exchange Commission's website (http://www.sec.gov/ ) or, without charge, from Encore at http://www.encoremed.com/ . This announcement is neither a solicitation of proxy, an offer to purchase nor a solicitation of an offer to sell shares of Encore.
Encore and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from the Encore stockholders in favor of the transaction. Information concerning persons who may be deemed participants in the solicitation of Encore stockholders under the rules of the SEC is set forth in public filings filed by Encore with the Securities and Exchange Commission (the "SEC"), including Encore's proxy statement for its 2006 annual meeting filed with the SEC on April 12, 2006, and will be set forth in the proxy statement when it is filed with the SEC.
Contact: Harry L. Zimmerman, Executive Vice President - General Counsel
(512) 832-9500
Except for the historical information contained herein, the matters discussed are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, such as fluctuations in operating results, the timely availability of new products, the impacts of competitive products and pricing, the effects of integration efforts, including retaining customers and employees, the ability to grow and integrate the distribution networks for the Company's products, the ability to continue to obtain long- term financing, and the ability to locate and integrate future acquisitions and other risks and uncertainties set forth in the Company's filings with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made herein.
