Company:Smith & Nephew

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Short description: Medical equipment manufacturing company based in Watford, England
Smith & Nephew plc
TypePublic limited company
LSE: [Script error: No such module "Stock tickers/LSE". SN.]
NYSE: SNN
FTSE 100 Component
IndustryMedical equipment
Founded1856; 168 years ago (1856)[1][2][3]
(Kingston upon Hull)
FounderThomas James Smith[1][2][3]
HeadquartersWatford, England, UK
Key people
Rupert Soames (Chairman)
Dr Deepak Nath (CEO)[4]
ProductsMedical equipment
RevenueIncrease $5,215 million (2022)[5]
Decrease $450 million (2022)[5]
Decrease $223 million (2022)[5]
Number of employees
17,500 (2022)[6]
Websitewww.smith-nephew.com

Smith & Nephew plc, also known as Smith+Nephew, is a British multinational medical equipment manufacturing company headquartered in Watford, England.[7] It is an international producer of advanced wound management products, arthroscopy products, trauma and clinical therapy products, and orthopaedic reconstruction products.[8] Its products are sold in over 100 countries.[6] 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.[6] 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.[6]

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, which they sold to Spirax-Sarco Engineering in 1990.[9] In 1986 it went on to acquire Richards Medical Company, a US specialist in orthopaedic products for £201 million.[6]

In 2002 the company acquired Oratec Interventions, a surgical devices business, for $310 million.[10] It went on to buy Midland Medical Technologies, a hip resurfacing business, for £67 million in 2004.[11]

The company acquired Plus Orthopedics, a Swiss orthopedics business, for US$889 million in April 2007[12] and BlueSky, a US wound care business, for $110 million in May 2007.[13]

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.[14]

The company acquired Healthpoint Biotherapeutics, a specialist in the bioactives area of advanced wound management, for $782 million in December 2012.[15]

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.[16]

In October 2015 Smith & Nephew announced the acquisition of Blue Belt Technologies (led by Eric Timko) for US$275 million, securing a leading position in the fast-growing area of orthopaedic robotics-assisted surgery.[17]

In March 2019 Smith & Nephew announced the acquisition of orthopedic joint reconstruction business unit of Brainlab to further its foray into robotic surgery.[18]

In June 2019 Smith & Nephew acquired Atracsys Sàrl, the Switzerland-based provider of optical tracking technology used in computer-assisted surgery.[19]

In October 2019, Smith & Nephew announced Namal Nawana would stand down "because his requests for higher pay, in line with the packages awarded by US medical device-makers, could not be met under UK corporate governance standards". He is replaced by Roland Diggelmann.[20]

In January 2021, the company acquired Integra LifeSciences’ extremity orthopaedics business for $240 million.[21]

In January 2022, Smith & Nephew acquired the Florida-based partial knee implant company, Engage Surgical for $135 million.[22][23]

In February 2022, Smith & Nephew announced that Roland Diggelmann would step down as CEO. He was replaced by Dr Deepak Nath.[24]

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:[25]

  • Advanced wound management: advanced treatments for difficult wounds.
  • Endoscopy: products for minimally invasive surgery, based in Andover, Massachusetts, USA.
  • Orthopaedics: hip and knee implants and trauma products, based in Memphis, Tennessee, USA.

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.[26] Under the new agreements Smith & Nephew PLC paid $5.4 million in restitution and interest to settle the SEC's civil charges. Its US subsidiary Smith & Nephew Inc. paid a $16.8 million criminal fine.[27] The company admitted to having bribed government-employed doctors in Greece to use its medical equipment over the past decade.[28] The company entered into a deferred prosecution agreement with the US Department of Justice (DOJ) and agreed to retain a compliance monitor for 18 months.[29]

Awards

Awards include:

  • Manufacturer of the Year in 2007[30]
  • Smith & Nephew Advanced Wound Management won Logistics and Supply Chain Manufacturer Award 2006[31]
  • ASM International 2005 Engineering Materials Achievement Award for Smith & Nephew's trademarked oxinium technology[32]
  • Smith & Nephew's Back Pain Study Receives Outstanding Paper Award at North American Spine Society 2003 Annual Meeting[33]

References

  1. ↑ 1.0 1.1 Winter, Phil (11 January 2019). "Smith & Nephew's unlikely past from pharmacy to global giant". Hull Daily Mail. https://www.hulldailymail.co.uk/news/business/smith--nephew-who-are-2420906. 
  2. ↑ 2.0 2.1 Kollewe, Julia (21 October 2019). "Smith & Nephew chief executive to stand down after pay row". The Guardian. ISSN 0261-3077. https://www.theguardian.com/business/2019/oct/21/smith-and-nephew-ceo-to-stand-down-after-18-months-following-pay-row-namal-nawana. 
  3. ↑ 3.0 3.1 Media, Insider. "Plans in for major Smith & Nephew works". https://www.insidermedia.com/news/yorkshire/plans-in-for-major-smith-nephew-works. 
  4. ↑ "Our board". Smith & Nephew. https://www.smith-nephew.com/about-us/who-we-are/our-board/. 
  5. ↑ 5.0 5.1 5.2 "Annual Results 2022". Smith & Nephew plc. https://smith-nephew.stylelabs.cloud/api/public/content/6b0c18a8f33242f0888adb870c9b8e48?v=e2f20b4e&download=true. 
  6. ↑ 6.0 6.1 6.2 6.3 6.4 "Smith & Nephew History". Global.smith-nephew.com. http://www.smith-nephew.com/about-us/who-we-are/our-history/. 
  7. ↑ "SNN Profile | Smith & Nephew SNATS, Inc. Comm Stock - Yahoo! Finance". finance.yahoo.com. https://finance.yahoo.com/q/pr?s=SNN. 
  8. ↑ "At a glance". Smith & Nephew. https://www.smith-nephew.com/about-us/who-we-are/at-a-glance/. 
  9. ↑ "Watson-Marlow profile". Watson-marlow.se. http://www.watson-marlow.se/wmb-gb/50years-profile.htm. 
  10. ↑ "Smith & Nephew to buy Oratec for $310mm in cash". Windhover Information. February 2002. http://sis.windhover.com/buy/abstract.php?id=200210023. 
  11. ↑ "Smith & Nephew buys UK hip resurfacing business". Biomedical Materials. 1 May 2004. http://www.highbeam.com/doc/1G1-115966303.html. 
  12. ↑ "Smith & Nephew buys Swiss company Plus Orthopedics". Biomedical Materials. 1 April 2007. http://www.highbeam.com/doc/1G1-162512108.html. 
  13. ↑ "Smith & Nephew buys wound care firm BlueSky for $110m". Independent. 12 May 2007. https://www.independent.co.uk/news/business/news/smith-amp-nephew-buys-us-wound-care-firm-bluesky-for-110m-448529.html. [|permanent dead link|dead link}}]
  14. ↑ "Biomet stays part of informal SEC probe". Reuters. 11 October 2007. https://www.reuters.com/article/fundsFundsNews/idUSN1141539420071011. 
  15. ↑ "Smith & Nephew to Buy Healthpoint for $782 Million". Bloomberg. 28 November 2012. https://www.bloomberg.com/news/2012-11-28/smith-nephew-to-buy-u-s-wound-care-company-for-782-million.html. 
  16. ↑ "Smith & Nephew to Buy ArthroCare for $1.7 Billion in Cash". Bloomberg. 3 February 2014. https://www.bloomberg.com/news/2014-02-03/smith-nephew-to-buy-arthrocare-for-1-7-billion-in-cash.html. 
  17. ↑ "Smith & Nephew makes strategic investment in surgical robotics with acquisition of Blue Belt Technologies | Smith & Nephew". http://www.smith-nephew.com/news-and-media/media-releases/news/acquisition-of-blue-belt-technologies/#. 
  18. ↑ "Smith & Nephew Acquires Brainlab Orthopaedic Joint Reconstruction Business". https://www.brainlab.com/press-releases/smith-amp-nephew-acquires-brainlab-orthopaedic-joint-reconstruction-business/. 
  19. ↑ "Smith & Nephew expands digital surgery ecosystem with acquisition of innovator in optical tracking technology". 12 June 2019. https://orthofeed.com/2019/06/11/smith-nephew-expands-digital-surgery-ecosystem-with-acquisition-of-innovator-in-optical-tracking-technology/. 
  20. ↑ Kollewe, Julia. "Smith & Nephew chief executive to stand down after pay row". https://www.theguardian.com/business/2019/oct/21/smith-and-nephew-ceo-to-stand-down-after-18-months-following-pay-row-namal-nawana. 
  21. ↑ Condon, Alan. "Smith+Nephew acquires orthopedics business for $240M". https://www.beckersspine.com/orthopedic-a-spine-device-a-implant-news/item/50820-smith-nephew-acquires-orthopedics-business-for-240m.html. 
  22. ↑ "Smith & Nephew acquires US partial knee system company Engage Surgical | Financial News". https://www.lse.co.uk/news/SN./smith-and-nephew-acquires-us-partial-knee-system-company-engage-surgical-4gfl9ciyrke2js7.html. 
  23. ↑ "Smith & Nephew acquires Engage Surgical". https://www.sharecast.com/news/news-and-announcements/smith-nephew-acquires-engage-surgical--9050074.html. 
  24. ↑ "Smith & Nephew appoints Deepak Nath as chief executive". 22 February 2022. https://www.ft.com/content/9cb36b4b-dc92-41b3-8036-799057a5c5ef. 
  25. ↑ "Smith & Nephew". The Telegraph. http://shares.telegraph.co.uk/fundamentals/?epic=SN.. 
  26. ↑ The FCPA Blog (6 February 2012). "Smith & Nephew Reaches $22 Million Settlement". The FCPA Blog. http://www.fcpablog.com/blog/tag/smith-and-nephew. 
  27. ↑ "Smith & Nephew to pay $22.2M in US settlements". 6 February 2012. https://finance.yahoo.com/news/Smith-Nephew-pay-22-2M-US-apf-2713482659.html. 
  28. ↑ Andrew Jack (6 February 2012). "Smith & Nephew in $22m bribes fine". The Financial Times. http://www.ft.com/cms/s/0/b076e0a2-50ea-11e1-8cdb-00144feabdc0.html#axzz1r9ydJg9x. 
  29. ↑ Office of Public Affairs (6 February 2012). "Medical Device Company Smith & Nephew Resolves Foreign Corrupt Practices Act Investigation". The United States Department of Justice. https://www.justice.gov/opa/pr/2012/February/12-crm-166.html. 
  30. ↑ "Smith & Nephew wins manufacturing award". On Target. 2007. http://www.ontargetmag.com/article.aspx?issueID=104&articleID=709. 
  31. ↑ "Oliver Wright". http://www.oliverwight-eame.com/articles/press-releases/news/4. 
  32. ↑ "Smith & Nephew wins award for oxinium technology". Bimedical Materials. 1 November 2005. http://www.highbeam.com/doc/1G1-138276109.html. 
  33. ↑ "North American Spine Society 2003 Annual Meeting" (Press release). Smith & Nephew. Archived from the original on 2 December 2013. Retrieved 2 April 2013.

Books

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

External links



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