Smith & Nephew

Smith & Nephew plc
Public limited company
Traded as LSE: SN
NYSE: SNN
FTSE 100 Component
Industry Medical equipment
Founded 1856 (1856)
(Kingston upon Hull)
Headquarters London and Hull, United Kingdom
Key people
 Roberto Quarta (Chairman)
Namal Nawana (CEO)
Revenue $4,765 million (2017)[1]
$934 million (2017)[1]
$767 million (2017)[1]
Number of employees
 15,000 (2017)[2]
Website www.smith-nephew.com

Smith & Nephew plc is a British 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. 1 2 3 "Annual Report 2017" (PDF). Smith & Nephew plc. Retrieved 17 March 2018.
  2. 1 2 3 "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. 1 2 3 "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. Archived from the original on 2011-07-18. Retrieved 8 March 2009.
  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
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