Smith & Nephew
 | |
| Public limited company | |
| Traded as |
LSE: SN NYSE: SNN |
| Industry | Medical equipment |
| Founded |
1856 (Kingston upon Hull) |
| Headquarters | London and Hull, United Kingdom |
Key people |
John Buchanan (Chairman) Olivier Bohuon (CEO) |
| Revenue | $4,634 million (2015)[1] |
| $628 million (2015)[1] | |
| $410 million (2015)[1] | |
Number of employees | 14,000 (2016)[2] |
| Website |
www |
Smith & Nephew plc is a British-based multinational medical equipment manufacturing company headquartered in London, United Kingdom.[3] It is an international producer of arthroscopy products, advanced wound management products, trauma and clinical therapy products and orthopedic reconstruction products.[2] Its products are sold in over 90 countries.[2]
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
Smith & Nephew operates in three market segments through separate "global business units" under the Smith & Nephew brand name:
- Advanced wound management: advanced treatments for difficult wounds.
- Endoscopy: products for minimally invasive surgery, based in Andover, Massachusetts.
- Orthopaedics: hip and knee implants and trauma products, based in Memphis, Tennessee.
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.[13] 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.[14] The company admitted to having bribed government-employed doctors in Greece to use its medical equipment over the past decade.[15] 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.[16]
Awards
Awards include:
- Manufacturer of the Year in 2007[17]
- Smith & Nephew Advanced Wound Management won Logistics and Supply Chain Manufacturer Award 2006[18]
- ASM International 2005 Engineering Materials Achievement Award for Smith & Nephew's trademarked oxinium technology[19]
- Smith & Nephew's Back Pain Study Receives Outstanding Paper Award at North American Spine Society 2003 Annual Meeting[20]
References
- 1 2 3 "Preliminary Results 2015" (PDF). Smith & Nephew plc. Retrieved 26 March 2016.
- 1 2 3 "About us". Smith & Nephew. Retrieved 26 March 2016.
- ↑ "SNN Profile | Smith & Nephew SNATS, Inc. Comm Stock - Yahoo! Finance". finance.yahoo.com. Retrieved 5 September 2012.
- 1 2 3 "Smith & Nephew History". Global.smith-nephew.com. Retrieved 2 April 2013.
- ↑ "Watson-Marlow profile". Watson-marlow.se. Retrieved 18 April 2011.
- ↑ Smith & Nephew to buy Oratec for $310mm in cash Windhover Information, February 2002
- ↑ Smith & Nephew buys UK hip resurfacing business Biomedical Materials, 1 May 2004
- ↑ Smith & Nephew buys Swiss company Plus Orthopedics Biomedical Materials, 1 April 2007
- ↑ Smith & Nephew buys wound care firm BlueSky for $110m Independent, 12 May 2007
- ↑ Biomet stays part of informal SEC probe Reuters, 11 October 2007
- ↑ Smith & Nephew to Buy Healthpoint for $782 Million Bloomberg, 28 November 2012
- ↑ Smith & Nephew to Buy ArthroCare for $1.7 Billion in Cash Bloomberg 3 February 2014
- ↑ The FCPA Blog (6 February 2012). "Smith & Nephew Reaches $22 Million Settlement". The FCPA Blog.
- ↑ "Smith & Nephew to pay $22.2M in US settlements". 6 February 2012.
- ↑ Andrew Jack (6 February 2012). "Smith & Nephew in $22m bribes fine". The Financial Times.
- ↑ Office of Public Affairs (6 February 2012). "Medical Device Company Smith & Nephew Resolves Foreign Corrupt Practices Act Investigation". The United States Department of Justice.
- ↑ Smith & Nephew wins manufacturing award On Target, 2007
- ↑ Oliver Wright
- ↑ Smith & Nephew wins award for oxinium technology Bimedical Materials, 1 November 2005
- ↑ North American Spine Society 2003 Annual Meeting Smith & Nephew Press Release
Books
- J Foreman-Peck, Smith & Nephew in the Health Care Industry, Edward Elgar 1995
