Smith & Nephew

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Smith & Nephew plc
Public limited company
Traded as LSESN
NYSESNN
FTSE 100 Component
Industry Medical equipment
Founded 1856; 161 years ago (1856)
(Kingston upon Hull)
Headquarters London and Hull, United Kingdom
Key people
Roberto Quarta (Chairman)
Olivier Bohuon (CEO)
Revenue $4,669 million (2016)[1]
$801 million (2016)[1]
$784 million (2016)[1]
Number of employees
15,000 (2017)[2]
Website www.smith-nephew.com

Smith & Nephew plc is a British-based multinational medical equipment manufacturing company headquartered in London, United Kingdom.[3] It is an international producer of advanced wound management products, arthroscopy products, trauma and clinical therapy products, and orthopedic reconstruction products.[2] Its products are sold in over 120 countries.[2] It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

History

The company was founded in 1856 by Thomas James Smith of Kingston upon Hull who went into business as a dispensing chemist.[4] A few months before his death in 1896, Smith was joined by his nephew, Horatio Nelson Smith, and the business became known as T. J. Smith and Nephew.[4]

In 1928 the company acquired the licence to market and produce the Elastoplast range of bandages. By 1977 the company acquired the pump manufacturer Watson-Marlow Pumps, before selling it to Spirax-Sarco Engineering in 1990.[5] In 1986 it went on to acquire Richards Medical Company, a US specialist in orthopaedic products for £201 million.[4]

In 2002 the company acquired Oratec Interventions, a surgical devices business, for $310 million.[6] It went on to buy Midland Medical Technologies, a hip resurfacing business, for £67 million in 2004.[7]

The company acquired Plus Orthopedics, a Swiss orthopedics business, for US$889 million in April 2007[8] and BlueSky, a US wound care business, for $110 million in May 2007.[9]

In September 2007 Biomet Inc., DePuy Orthopaedics Inc. (part of Johnson & Johnson), Smith & Nephew PLC and Zimmer Holdings Inc. entered into settlement agreements, under which they agree to pay $300 million in total, adopt industry overhauls and undertake corporate monitoring to avoid criminal charges of conspiracy.[10]

The company acquired Healthpoint Biotherapeutics, a specialist in the bioactives area of advanced wound management, for $782 million in December 2012.[11]

In February 2014, Smith & Nephew announced the purchase of ArthroCare for US$1.7 billion in cash. This was seen as a move to broaden the company's sports medicine range for minimally invasive surgery moves the company into the Ear, Nose & Throat market.[12]

Operations

The Smith and Nephew factory in Kingston upon Hull, United Kingdom

Smith & Nephew operates in three market segments through separate "global business units" under the Smith & Nephew brand name:[13]

Controversies

In February 2012 Smith & Nephew plc agreed to pay US$22.2 million to settle multiple US Foreign Corrupt Practices Act (FCPA) offenses committed by its US and German subsidiaries.[14] Under the new agreements Smith & Nephew PLC paid $5.4 million in restitution and interest to settle the SEC's civil charges. Its U.S. subsidiary Smith & Nephew Inc. paid a $16.8 million criminal fine.[15] The company admitted to having bribed government-employed doctors in Greece to use its medical equipment over the past decade.[16] The company has entered into a deferred prosecution agreement with the US Department of Justice (DOJ) and has agreed to retain a compliance monitor for 18 months.[17]

Awards

Awards include:

  • Manufacturer of the Year in 2007[18]
  • Smith & Nephew Advanced Wound Management won Logistics and Supply Chain Manufacturer Award 2006[19]
  • ASM International 2005 Engineering Materials Achievement Award for Smith & Nephew's trademarked oxinium technology[20]
  • Smith & Nephew's Back Pain Study Receives Outstanding Paper Award at North American Spine Society 2003 Annual Meeting[21]

References

  1. ^ a b c "Annual Results 2016" (PDF). Smith & Nephew plc. Retrieved 12 April 2017. 
  2. ^ a b c "About us". Smith & Nephew. Retrieved 12 April 2017. 
  3. ^ "SNN Profile | Smith & Nephew SNATS, Inc. Comm Stock - Yahoo! Finance". finance.yahoo.com. Retrieved 5 September 2012. 
  4. ^ a b c "Smith & Nephew History". Global.smith-nephew.com. Retrieved 2 April 2013. 
  5. ^ "Watson-Marlow profile". Watson-marlow.se. Retrieved 18 April 2011. 
  6. ^ "Smith & Nephew to buy Oratec for $310mm in cash". Windhover Information. February 2002. Retrieved 8 March 2009. [permanent dead link]
  7. ^ "Smith & Nephew buys UK hip resurfacing business". Biomedical Materials. 1 May 2004. Retrieved 8 March 2009 – via Highbeam. 
  8. ^ "Smith & Nephew buys Swiss company Plus Orthopedics". Biomedical Materials. 1 April 2007. Retrieved 8 March 2009 – via Highbeam. 
  9. ^ "Smith & Nephew buys wound care firm BlueSky for $110m". Independent. 12 May 2007. Retrieved 8 March 2009. 
  10. ^ "Biomet stays part of informal SEC probe". Reuters. 11 October 2007. Retrieved 2 August 2008. 
  11. ^ "Smith & Nephew to Buy Healthpoint for $782 Million". Bloomberg. 28 November 2012. Retrieved 18 March 2013. 
  12. ^ "Smith & Nephew to Buy ArthroCare for $1.7 Billion in Cash". Bloomberg. 3 February 2014. Retrieved 27 March 2014. 
  13. ^ "Smith & Nephew". The Telegraph. Retrieved 12 April 2017. 
  14. ^ The FCPA Blog (6 February 2012). "Smith & Nephew Reaches $22 Million Settlement". The FCPA Blog. Retrieved 10 April 2012. 
  15. ^ "Smith & Nephew to pay $22.2M in US settlements". 6 February 2012. Retrieved 17 June 2013. 
  16. ^ Andrew Jack (6 February 2012). "Smith & Nephew in $22m bribes fine". The Financial Times. Retrieved 10 April 2012. 
  17. ^ Office of Public Affairs (6 February 2012). "Medical Device Company Smith & Nephew Resolves Foreign Corrupt Practices Act Investigation". The United States Department of Justice. Retrieved 10 April 2012. 
  18. ^ "Smith & Nephew wins manufacturing award". On Target. 2007. Archived from the original on 5 February 2008. Retrieved 2 August 2008. 
  19. ^ "Oliver Wright". Archived from the original on 6 January 2009. Retrieved 7 October 2010. 
  20. ^ "Smith & Nephew wins award for oxinium technology". Bimedical Materials. 1 November 2005. Retrieved 7 October 2010. 
  21. ^ "North American Spine Society 2003 Annual Meeting" (Press release). Smith & Nephew. Archived from the original on 2 December 2013. Retrieved 2 April 2013. 

Books

  1. J Foreman-Peck, Smith & Nephew in the Health Care Industry, Edward Elgar 1995

External links

  • Official corporate website
  • Yahoo Finance profile
  • Birmingham Hip Resurfacing
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