Stryker reveals $50 Million Investment on Quality, Compliance
Stryker Corp. said today it will invest $50 million in 2008 to improve its quality systems and compliance at the time it deals with three warning letters from the U.S. Food and Drug Administration.
During a meeting with analysts, Stryker's president and chief executive Stephen P. MacMillan said the company will continue doing multimillion dollar investments to improve quality over the next three years.
Stryker has planned to absorb more spending increase without putting into risk its financial outlook and will maintain its guidance benefiting from good sales trends in 2008 and overseas sales from the weak dollar among other factors.
Recently, the orthopedic device maker received a warning letter from the U.S. Food and Drug Administration which stated the company falsified documents and failed to control quality in a plant in Massachusetts.
Shares of Stryker climbed 4.04 percent or $2.51 to $64.61 at the end of composite trading on Thursday in the New York Stock Exchange.
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