Smith & Nephew
|Public limited company|
|Traded as||LSE: SN
|Founded||1856 (Kingston upon Hull)|
|Headquarters||London, United Kingdom|
|John Buchanan (Chairman)
Olivier Bohuon (CEO)
|Revenue||$4,617 million (2014)|
|$749 million (2014)|
|$501 million (2014)|
Number of employees
Smith & Nephew plc is a British-based multinational medical equipment manufacturing company headquartered in London, United Kingdom. It is an international producer of arthroscopy products, advanced wound management products, trauma and clinical therapy products and orthopedic reconstruction products. Its products are sold in over 90 countries.
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.
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.
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.
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.
- 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
- "Preliminary Results 2014" (PDF). Smith & Nephew plc. Retrieved 21 March 2015.
- "Smith & Nephew: At a glace". www.smith-nephew.com. Retrieved 29 December 2014.
- "SNN Profile | Smith & Nephew SNATS, Inc. Comm Stock - Yahoo! Finance". finance.yahoo.com. Retrieved 5 September 2012.
- "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
- J Foreman-Peck, Smith & Nephew in the Health Care Industry, Edward Elgar 1995