Divestment of BSN
Smith & Nephew Plc
18 August 2005
Smith & Nephew and Beiersdorf AG prepare divestment of BSN medical
18 August 2005
Smith & Nephew plc (LSE: SN, NYSE: SNN) has announced today that it is, together
with Beiersdorf AG, preparing for the divestment of their joint venture BSN
medical.
BSN medical is a global medical device company for professional medical products
and was created as a 50/50 joint venture between Beiersdorf and Smith & Nephew
in April 2001. BSN medical has developed independently since then and is today
among the market leaders in each of its business units. BSN medical is engaged
in Orthopaedics, which specialises in bandaging, cast tapes, Plaster of Paris,
splinting systems, orthopaedic soft goods, fracture bracing, and thermoplastics;
Phlebology, which serves the needs of patients suffering from diseases of the
veins; and Wound Care, which specialises in adhesive fixation tapes, compresses,
and retention bandages. BSN medical's turnover in 2004 was €504m, with
operating profits of €70m.
The continuation of the business independently from Beiersdorf and Smith &
Nephew in 2006 marks the logical next stage in its development. BSN medical is
not part of either partner's core business and is entering a new growth-oriented
phase. Both partners and the management of BSN medical believe that the
business will benefit from a new ownership.
Morgan Stanley has been engaged to advise the partners and manage the
divestment.
Enquiries
Smith & Nephew
Investor Relations & Media
Liz Hewitt Tel: +44 (0)20 7401 7646
Group Director Corporate Affairs
About us
Smith & Nephew is a global medical technology business, specialising in
Orthopaedics, Endoscopy and Advanced Wound Management products. Smith & Nephew
is a global leader in arthroscopy and advanced wound management and is one of
the fastest growing global orthopaedics companies.
Smith & Nephew is dedicated to helping improve people's lives. The company
prides itself on the strength of its relationships with its surgeons and
professional healthcare customers, with whom its name is synonymous with high
standards of performance, innovation and trust. The company has over 8,500
employees and operates in 33 countries around the world generating annual sales
of £1.25 billion.
Forward-Looking Statements
This press release contains certain 'forward-looking statements' within the
meaning of the US Private Securities Litigation Reform Act of 1995. In
particular, statements regarding expected revenue growth and operating margins
discussed under 'Outlook' are forward-looking statements as are discussions of
our product pipeline. These statements, as well as the phrases 'aim', 'plan',
'intend', 'anticipate', 'well-placed', 'believe', 'estimate', 'expect',
'target', 'consider' and similar expressions, are generally intended to identify
forward-looking statements. Such forward-looking statements involve known and
unknown risks, uncertainties and other important factors (including, but not
limited to, the outcome of litigation, claims and regulatory approvals) that
could cause the actual results, performance or achievements of Smith & Nephew,
or industry results, to differ materially from any future results, performance
or achievements expressed or implied by such forward-looking statements. Please
refer to the documents that Smith & Nephew has filed with the U.S. Securities
and Exchange Commission under the U.S. Securities Exchange Act of 1934, as
amended, including Smith & Nephew's most recent annual report on Form 20F, for a
discussion of certain of these factors.
All forward-looking statements in this press release are based on information
available to Smith & Nephew as of the date hereof. All written or oral
forward-looking statements attributable to Smith & Nephew or any person acting
on behalf of Smith & Nephew are expressly qualified in their entirety by the
foregoing. Smith & Nephew does not undertake any obligation to update or revise
any forward-looking statement contained herein to reflect any change in Smith &
Nephew's expectation with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
This information is provided by RNS
The company news service from the London Stock Exchange
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