Orchard Park-based medical device maker Gaymar Industries has agreed to be acquired by Michigan-based Stryker Corp. for $150 million in an all-cash transaction.

The deal, which was approved by the boards of directors of both companies, is expected to close by Oct. 1.

Gaymar was founded in 1956 and makes products that treat pressure ulcers and manage body temperature. It has been owned since 2003 by private equity firms Nautic Partners and Norwest Equity Partners.

Gaymar's chief executive officer, Kent Davies, was not immediately available to comment on the deal's impact on the Orchard Park site or its work force.

Gaymar has about 250 employees in Orchard Park, plus another 150 in Puerto Rico. In March, Gaymar announced it was closing its plant in Kitchener, Ont., and shifting the work to Orchard Park.

Gaymar and Stryker's medical division have a long-standing connection. Gaymar has provided Stryker with exclusive rights to sell support surface and pressure ulcer management products to acute care customers in North America.

Gaymar recorded 2009 sales of about $77 million. About $14 million of that total was related to its manufacturing relationship with Stryker.

"We are thrilled to become part of Stryker and broaden the availability of our clinically proven products," Davies said in a statment.

Stephen P. MacMillan, Stryker's chairman, president and CEO, praised Gaymar's "talented team" and its portfolio of products.

"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," he said in a statement.

mglynn@buffnews.comnull