Greatbatch Inc (NYSE: GB), a manufacturer of medical devices and components, announced on Wednesday that its Board of Directors approved the spinoff of its QiG Group, a research and development organization that focuses on the Cardiovascular, Neuromodulation and Orthopaedics markets.
QiG Group will convent into Nuvectra Corporation in the form of a tax-free dividend involving the distribution of all of the oustanding shares of Nuvectra to Greatbatch shareholders. As part of the deal, Nuvectra's stock will be distributed on March 14 to Greatbatch shareholders who will receive 1 share of Nuvectra for every three shares of Greatbatch they hold.
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Nuvectra will be an independent publicity traded company on the Nasdaq exchange under the ticker "NVTR."
"This announcement marks an important milestone in Greatbatch's strategy of developing complete active implantable medical device systems for our customers," said Thomas J. Hook, president and CEO of Greatbatch. "This spin-off reaffirms Greatbatch's commitment to ensuring its strategic priorities remain aligned with stockholders' best interests while continuing to create enhanced value for customers, healthcare providers and other key stakeholders."
Shares of Greatbatch were trading lower by around 1.5 percent at $36.95 mid-Wednesday afternoon.
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