NIB Nordic Investment Bank

Article

8 Feb 2017

NIB funds prosthetic and orthotic R&D in Iceland

Össur
Image: Össur.

NIB and Össur hf. (Össur), an Icelandic developer and manufacturer of non-invasive orthopaedics, have signed a seven-year loan agreement for EUR 50 million to finance in part the company’s R&D programme during 2016–2019 and to re-finance the acquisition of Touch Bionics.

Össur’s R&D programme focuses on the development of new prosthetic and orthotic solutions.

The Össur group has a high success rate in research and development, and the new investments will help expand its portfolio and support its growth and productivity. The group’s main R&D centre is in Reykjavik, Iceland, where over 75% of the research staff is located.

In addition to the R&D costs, the loan will re-finance in part Össur’s acquisition of Touch Bionics, a Scottish developer and manufacturer of upper limb prosthetics. The acquisition was completed in April 2016, enabling the company to offer a complete bionic product portfolio to customers in the prosthetic industry.

“The investments in R&D conducted in Iceland and the acquisition of Touch Bionics will strengthen Össur’s product development and help the company maintain its leading market position in both bionic prostheses and bracing support solutions”, says Thomas Wrangdahl, Head of Lending at NIB.

Össur is a global leader in non-invasive orthopaedics headquartered in Reykjavik, Iceland. The company has operations in 20 countries and employs over 2,800 people globally.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Mr Nicolas Audibert, Director, Head of Industries & Services, at +358 10 618 0689,

Ms Lisa-Maria Altenberger, Communications Unit, at +358 10 618 0234,

 
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