LONDON--(Marketwire - January 22, 2009) -
| Highlighted Links |
RNS Market News |
Smith & Nephew and Plus vendors renegotiate purchase agreement
22 January 2009
Smith & Nephew plc (LSE: SN, NYSE: SNN), the global medical technology
business, announces that it has renegotiated, with the vendors of
Plus Orthopedics Holding AG ("Plus"), the original purchase agreement
for Plus.
Smith & Nephew and the vendors of Plus have reached an agreement to
reduce the total original purchase price by CHF 159 million
(USD141 million) from CHF 1086 million (USD889 million at then
prevailing rates) paid in May 2007. As part of the agreement the
parties have resolved their disputes on the contractual purchase price
adjustments. In addition, Smith & Nephew is releasing the vendors
from substantially all of their warranties, including those relating to
taxation, under the original purchase agreement and has dropped all
existing claims under the original warranties.
Commenting on the settlement, David Illingworth, Chief Executive of
Smith & Nephew, said:"I am very pleased that we have reached this agreement
with the vendors
of Plus. The strategic logic behind the acquisition remains intact.
Our enlarged European business is well on its way to realising its
potential, through the hard work of our employees as they focus on
delivering the best outcomes for patients and service to our
customers."
Enquiries
Investors/Media
Liz Hewitt
Phil Cowdy
Smith & Nephew Tel: +44 (0) 20 7401 7646
Media
Jon Coles Tel: +44 (0) 20 7404 5959
Brunswick - London
Cindy Leggett-Flynn Tel: +1 (212) 333 3810
Brunswick - New York
About Smith & Nephew
Smith & Nephew is a global medical technology business, specialising in
Orthopaedics, including Reconstruction, Trauma and Clinical Therapies;
Endoscopy and Advanced Wound Management. Smith & Nephew is a global
leader in arthroscopy and advanced wound management and is one of the
leading 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 operates in 32 countries around the world. Annual sales in
2007 were nearly USD3.4 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 trading
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
END
