Last modified: Thursday, February 12, 2009
Biomet founder is Johnson Center for Entrepreneurship and Innovation's Distinguished Entrepreneur
FOR IMMEDIATE RELEASE
Feb. 12, 2009
BLOOMINGTON, Ind. -- Dane A. Miller, co-founder of Biomet, will be the guest of Indiana University's Johnson Center for Entrepreneurship and Innovation and the Kelley School of Business on Tuesday (Feb.17) as the center's Distinguished Entrepreneur-in-Residence.
Miller will appear only in classroom settings throughout the day.
With a bold entrepreneurial spirit and strong belief in the future of orthopedics, Miller, Niles L. Noblitt, Jerry L. Ferguson and M. Ray Harroff came together to found Biomet, Inc. in 1977 in Warsaw, Ind. The company was created with a commitment to providing innovative solutions for musculoskeletal disorders.
Led by Miller, a biomaterials engineer, and Noblitt, a biological engineer, Biomet's vision was shaped by a desire to be highly responsive to the changing needs of orthopedic surgeons and confidence that the company could set a new standard for quality and long-term clinical durability. Biomet has emerged as a worldwide leader in orthopedics, with an unmatched reputation for innovation, responsiveness and clinical success.
By the end of its first decade, Biomet was gaining state and national recognition for its unique corporate philosophy and rapid growth. Biomet established its international presence with the 1984 acquisition of Orthopedic Equipment Co. (OEC), increasing manufacturing operations in Europe and bolstering the United States distribution network.
After being named as one of Business Week's "Hot Growth Companies," Biomet continued its expansion by completing the acquisition of Electro-Biology, Inc., now known as Biomet Trauma and Biomet Spine. Biomet has continued its expansion through several other strategic partnerships and acquisitions.
Following Miller's 2006 retirement as president and CEO, Biomet became a private company when a consortium of private equity firms, including affiliates from The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG purchased Biomet for $11.4 billion in September 2007.
Biomet also achieved numerous industry accolades as it secured the leading position in the U.S. metal-on-metal hip market and The Oxford® Partial Knee was recognized as the most widely used and clinically proven partial knee in the world.
As a global leader in the musculoskeletal marketplace, Biomet currently introduces approximately 100 new products for distribution in approximately 90 countries each year and generates annual sales well in excess of $2 billion. With more than 7,000 team members worldwide, Biomet looks to the future with a focus on continued growth and innovation and remains committed to the foundational principles that shaped its creation more than 30 years ago.
The Johnson Center hosts the Distinguished Entrepreneur program to inspire students and enable them to hear about the success and challenges of starting or expanding an emerging business. Donald F. Kuratko, the Jack M. Gill Chair of Entrepreneurship and executive director of the Johnson Center said, "Hearing these passionate entrepreneurial stories enhances the instruction students receive through classes and work in other activities."
The Distinguished Entrepreneur program is supported by the Dye Speaker Series and the Johnson Center for Entrepreneurship and Innovation.