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2 May 2013 -- Smith & Nephew plc (LSE: SN, NYSE: SNN), the global medical technology business, today announces an agreement to acquire Adler Mediequip Private Limited and with it, the brands and assets of Sushrut Surgicals Private Limited, a leader in mid-tier, orthopaedic trauma products for the India market. The transaction is expected to complete upon the satisfaction of customary conditions. The terms are not disclosed.
The acquisition will give Smith & Nephew a well-established platform to provide and develop products for the mid-tier market in India and for export. In particular, it gives Smith & Nephew an entry point to India’s fast growing trauma segment.
Olivier Bohuon, Chief Executive Officer of Smith & Nephew, commented:
“Through this important acquisition we are continuing to deliver on our Strategic Priorities to build leadership positions in the emerging markets, to supplement our organic growth through acquisitions, and to bring forward a mid-tier offering for these regions.
“Sushrut-Adler has a long and distinguished history, a reputation for quality products and a loyal customer base. Its trauma portfolio strongly complements our established positions in orthopaedic reconstruction and sports medicine in India, giving us an enhanced platform from which to continue to build a sustainable business. ”
Adler employs 116 people, while approximately 50 Sushrut employees (which include an experienced sales force that directly supports the Adler business) will also transfer as part of the arrangement. Products include primarily trauma implants and instrumentation, as well as spine and limb salvage portfolios.
Adler is owned by the Pitre family and its senior management team will continue with the business. Ajay Pitre, Managing Director, said, “We are excited with the opportunity to bring together our long experience of navigating the mid-tier segment in emerging markets, with the vast global resources and capabilities of Smith & Nephew to create and provide relevant solutions”.
+44 (0) 20 7401 7646
Smith & Nephew
+44 (0) 20 7401 7646
Smith & Nephew
Andrew Mitchell / Justine McIlroy
+44 (0) 20 7404 5959
About Smith & Nephew
Smith & Nephew is a global medical technology business dedicated to helping improve people's lives. With leadership positions in Orthopaedic Reconstruction, Advanced Wound Management, Sports Medicine and Trauma, Smith & Nephew has around 10,500 employees and a presence in more than 90 countries. Annual sales in 2012 were more than $4.1 billion. Smith & Nephew is a member of the FTSE100 (LSE: SN, NYSE: SNN).
For more information about Smith & Nephew, please visit: www.smith-nephew.com
This document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading margins, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. For Smith & Nephew, these factors include: economic and financial conditions in the markets we serve, especially those affecting health care providers, payors and customers; price levels for established and innovative medical devices; developments in medical technology; regulatory approvals, reimbursement decisions or other government actions; product defects or recalls; litigation relating to patent or other claims; legal compliance risks and related investigative, remedial or enforcement actions; strategic actions, including acquisitions and dispositions, our success in integrating acquired businesses, and disruption that may result from changes we make in our business plans or organisation to adapt to market developments; and numerous other matters that affect us or our markets, including those of a political, economic, business, competitive or reputational nature. 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 20-F, for a discussion of certain of these factors.
Any forward-looking statement is based on information available to Smith & Nephew as of the date of the statement. All written or oral forward-looking statements attributable to Smith & Nephew are qualified by this caution. Smith & Nephew does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in Smith & Nephew's expectations.
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