Vendor:Smith & Nephew PLC

From LIMSWiki
Jump to navigationJump to search
The printable version is no longer supported and may have rendering errors. Please update your browser bookmarks and please use the default browser print function instead.

Smith & Nephew plc
Company typePublic limited company
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 $5,549 million (2023)[5]
Decrease $425 million (2023)[5]
Increase $263 million (2023)[5]
Number of employees
20,000 (2023)[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.[9] 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.[9] 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.[9]

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.[10] In 1986 it went on to acquire Richards Medical Company, a US specialist in orthopaedic products for £201 million.[9]

In 2002 the company acquired Oratec Interventions, a surgical devices business, for $310 million.[11] It went on to buy Midland Medical Technologies, a hip resurfacing business, for £67 million in 2004.[12]

The company acquired Plus Orthopedics, a Swiss orthopedics business, for US$889 million in April 2007[13] and BlueSky, a US wound care business, for $110 million in May 2007.[14]

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.[15]

The company acquired Healthpoint Biotherapeutics, a specialist in the bioactives area of advanced wound management, for $782 million in December 2012.[16]

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.[17]

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.[18]

In March 2019 Smith & Nephew announced the acquisition of orthopedic joint reconstruction business unit of Brainlab to further its foray into robotic surgery.[19]

In June 2019 Smith & Nephew acquired Atracsys Sàrl, the Switzerland-based provider of optical tracking technology used in computer-assisted surgery.[20]

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.[21]

In January 2021, the company acquired Integra LifeSciences’ extremity orthopaedics business for $240 million.[22]

In January 2022, Smith & Nephew acquired the Florida-based partial knee implant company, Engage Surgical for $135 million.[23][24]

In February 2022, Smith & Nephew announced that Roland Diggelmann would step down as CEO. He was replaced by Dr Deepak Nath.[25]

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:[26]

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.[27] 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.[28] The company admitted to having bribed government-employed doctors in Greece to use its medical equipment over the past decade.[29] 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.[30]

Awards

Awards include:

  • Manufacturer of the Year in 2007[31]
  • Smith & Nephew Advanced Wound Management won Logistics and Supply Chain Manufacturer Award 2006[32]
  • ASM International 2005 Engineering Materials Achievement Award for Smith & Nephew's trademarked oxinium technology[33]
  • Smith & Nephew's Back Pain Study Receives Outstanding Paper Award at North American Spine Society 2003 Annual Meeting[34]

References

  1. ^ a b Winter, Phil (11 January 2019). "Smith & Nephew's unlikely past from pharmacy to global giant". Hull Daily Mail. Retrieved 10 June 2020.
  2. ^ a b Kollewe, Julia (21 October 2019). "Smith & Nephew chief executive to stand down after pay row". The Guardian. ISSN 0261-3077. Retrieved 10 June 2020.
  3. ^ a b Media, Insider. "Plans in for major Smith & Nephew works". Insider Media Ltd. Retrieved 10 June 2020.
  4. ^ "Our board". Smith & Nephew. Retrieved 27 February 2021.
  5. ^ a b c "Annual Results 2023". Smith & Nephew plc. Retrieved 27 February 2024.
  6. ^ "Upbeat assessment of Smith & Nephew's performance as it awaits major planning decision". Business Live. 21 February 2023. Retrieved 21 February 2023.
  7. ^ "SNN Profile | Smith & Nephew SNATS, Inc. Comm Stock - Yahoo! Finance". finance.yahoo.com. Retrieved 5 September 2012.
  8. ^ "At a glance". Smith & Nephew. Retrieved 27 February 2021.
  9. ^ a b c d "Smith & Nephew History". Global.smith-nephew.com. Retrieved 15 February 2022.
  10. ^ "Watson-Marlow profile". Watson-marlow.se. Retrieved 18 April 2011.
  11. ^ "Smith & Nephew to buy Oratec for $310mm in cash". Windhover Information. February 2002. Archived from the original on 18 July 2011. Retrieved 8 March 2009.
  12. ^ "Smith & Nephew buys UK hip resurfacing business". Biomedical Materials. 1 May 2004. Archived from the original on 23 October 2012. Retrieved 8 March 2009.
  13. ^ "Smith & Nephew buys Swiss company Plus Orthopedics". Biomedical Materials. 1 April 2007. Archived from the original on 23 October 2012. Retrieved 8 March 2009.
  14. ^ "Smith & Nephew buys wound care firm BlueSky for $110m". Independent. 12 May 2007. Retrieved 8 March 2009.[dead link]
  15. ^ "Biomet stays part of informal SEC probe". Reuters. 11 October 2007. Retrieved 2 August 2008.
  16. ^ "Smith & Nephew to Buy Healthpoint for $782 Million". Bloomberg. 28 November 2012. Retrieved 18 March 2013.
  17. ^ "Smith & Nephew to Buy ArthroCare for $1.7 Billion in Cash". Bloomberg. 3 February 2014. Retrieved 27 March 2014.
  18. ^ "Smith & Nephew makes strategic investment in surgical robotics with acquisition of Blue Belt Technologies | Smith & Nephew". www.smith-nephew.com. Retrieved 11 September 2019.
  19. ^ "Smith & Nephew Acquires Brainlab Orthopaedic Joint Reconstruction Business". Brainlab. Retrieved 11 September 2019.
  20. ^ "Smith & Nephew expands digital surgery ecosystem with acquisition of innovator in optical tracking technology". OrthoFeed. 12 June 2019. Retrieved 11 September 2019.
  21. ^ Kollewe, Julia. "Smith & Nephew chief executive to stand down after pay row". The Guardian. Retrieved 28 October 2019.
  22. ^ Condon, Alan. "Smith+Nephew acquires orthopedics business for $240M". www.beckersspine.com. Retrieved 17 November 2021.
  23. ^ "Smith & Nephew acquires US partial knee system company Engage Surgical | Financial News". www.lse.co.uk. Retrieved 19 January 2022.
  24. ^ "Smith & Nephew acquires Engage Surgical". BOLSAMANIA. Retrieved 19 January 2022.
  25. ^ "Smith & Nephew appoints Deepak Nath as chief executive". Financial Times. 22 February 2022. Archived from the original on 15 January 2023. Retrieved 23 June 2022.
  26. ^ "Smith & Nephew". The Telegraph. Retrieved 12 April 2017.
  27. ^ The FCPA Blog (6 February 2012). "Smith & Nephew Reaches $22 Million Settlement". The FCPA Blog. Retrieved 10 April 2012.
  28. ^ "Smith & Nephew to pay $22.2M in US settlements". 6 February 2012. Retrieved 17 June 2013.
  29. ^ Andrew Jack (6 February 2012). "Smith & Nephew in $22m bribes fine". The Financial Times. Archived from the original on 15 January 2023. Retrieved 10 April 2012.
  30. ^ 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.
  31. ^ "Smith & Nephew wins manufacturing award". On Target. 2007. Archived from the original on 5 February 2008. Retrieved 2 August 2008.
  32. ^ "Oliver Wright". Archived from the original on 6 January 2009. Retrieved 7 October 2010.
  33. ^ "Smith & Nephew wins award for oxinium technology". Bimedical Materials. 1 November 2005. Archived from the original on 4 November 2012. Retrieved 7 October 2010.
  34. ^ "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

Notes

This article is a direct transclusion of the Wikipedia article and therefore may not meet the same editing standards as LIMSwiki.

Retrieved from "https://www.limswiki.org/index.php?title=Vendor:Smith_%26_Nephew_PLC&oldid=61013"