Stryker closing 2 Gaymar plants to cut costs

Medical devicemaker Stryker Corp. ($SYK) is closing two Gaymar Industries manufacturing plants in New York by the end of the year and laying off more than 100 employees. The company is cutting costs ahead of the pending 2.3% tax on medical device sales, although the plant closures were announced some months back. The Buffalo News says Stryker picked up the two plants in its 2010, $150 million acquisition of Gaymar. It is offering one of the New York plants for sale at $3.9 million. The cuts are part of Stryker's plan to absorb the 2.3% hit by slashing its workforce by 5% and reducing its operating costs by $100 million, the newspaper reports.
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