Smith & Nephew plc is a British-based multinational medical equipment manufacturing company headquartered in London, United Kingdom. It is an international producer of advanced wound management products, arthroscopy products, trauma and clinical therapy products, and orthopedic reconstruction products. Its products are sold in over 120 countries. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
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History
The company was founded in 1856 by Thomas James Smith of Kingston upon Hull who went into business as a dispensing chemist. 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.
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. In 1986 it went on to acquire Richards Medical Company, a US specialist in orthopaedic products for £201 million.
In 2002 the company acquired Oratec Interventions, a surgical devices business, for $310 million. It went on to buy Midland Medical Technologies, a hip resurfacing business, for £67 million in 2004.
The company acquired Plus Orthopedics, a Swiss orthopedics business, for US$889 million in April 2007 and BlueSky, a US wound care business, for $110 million in May 2007.
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.
The company acquired Healthpoint Biotherapeutics, a specialist in the bioactives area of advanced wound management, for $782 million in December 2012.
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.
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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, 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. 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. The company admitted to having bribed government-employed doctors in Greece to use its medical equipment over the past decade. 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.
Awards
Awards include:
- Manufacturer of the Year in 2007
- Smith & Nephew Advanced Wound Management won Logistics and Supply Chain Manufacturer Award 2006
- ASM International 2005 Engineering Materials Achievement Award for Smith & Nephew's trademarked oxinium technology
- Smith & Nephew's Back Pain Study Receives Outstanding Paper Award at North American Spine Society 2003 Annual Meeting
References
Books
- J Foreman-Peck, Smith & Nephew in the Health Care Industry, Edward Elgar 1995
External links
- Official corporate website
- Yahoo Finance profile
- Birmingham Hip Resurfacing
Source of the article : Wikipedia
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