KALAMAZOO, Mich. (AP) -- Orthopedic implant maker Stryker Corp. said Monday it will buy Ascent Healthcare Solutions Inc. for $525 million in cash.

Ascent reprocesses and remanufactures medical devices. The company is based in Phoenix, and has facilities in that city and in Lakeland, Fla. The companies said Ascent does business with more than 1,800 hospitals, and had more than $100 million in revenue in 2008.

The boards of Stryker and privately held Ascent have both approved the deal. The companies said the sale is expected to close by the end of the year, pending regulatory review.

Ascent will keep its name and become part of Stryker's MedSurg division. The acquisition will be neutral to Stryker's profit in 2010, and increase its profit in the following years.

In afternoon trading, Stryker shares rose 16 cents to $49.85. Earlier in the day, they reached an annual high of $51.32.