Iceland. Össur Finance AG
| Date of agreement: | 14 Dec 2016 |
|---|---|
| Country: | Iceland |
| Customer: | Össur Finance AG |
| Amount in EUR: | EUR 50 million |
| Maturity: | 7 years |
| NACE sector / loan type: | Research and development |
Project
The loan has been provided to finance in part Össur’s R&D programme during 2016–2019, and re-finance part of the acquisition of Touch Bionics, a Scottish developer and manufacturer of upper limb prosthetics. The acquisition was completed in April 2016.
Össur is investing approximately USD 18 million per year in research and development. Össur’s R&D programme focuses on the development of new prosthetic and orthotic solutions. The group’s main R&D centre is in Reykjavik, Iceland, where over 75% of the research staff is located.
Össur is a global leader in non-invasive orthopaedics headquartered in Reykjavik, Iceland. The company operates in 20 countries and employs over 2,800 people globally. Its operations in Iceland encompass R&D, M&O, Global Marketing and Corporate Finance.
Fulfilment of NIB's mandate
Össur has a high success rate in research and development, which is reflected in the number of new patents and its new product ratio. Össur’s R&D programme will continue to support the company’s growth and productivity. Furthermore, the investment in high value-adding operations at Össur’s headquarters in Iceland is likely to continue to contribute to the diversification of the country’s economic activities.
The acquisition of Touch Bionics expands Össur’s product offering and allows the company to provide a complete bionic portfolio including both upper and lower limbs.
Sustainability summary
Neither the R&D programme nor the acquisition is assessed to have potential for significant negative environmental impact.
