Company type | Public limited company |
---|---|
LSE: SN. NYSE: SNN FTSE 100 Component | |
Industry | Medical equipment |
Founded | 1856[1] [2] [3] (Kingston upon Hull) |
Founder | Thomas James Smith [1] [2] [3] |
Headquarters | Watford, England, UK |
Key people | Rupert Soames (Chairman) Dr Deepak Nath (CEO) [4] |
Products | Medical equipment |
Revenue | $5,215 million (2022) [5] |
$450 million (2022) [5] | |
$223 million (2022) [5] | |
Number of employees | 20,000 (2023) [6] |
Website | www |
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.
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]
Smith & Nephew operates in three market segments through separate global business units under the Smith & Nephew brand name: [26]
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 include:
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