26th Nov 2013 13:53
LONDON (Alliance News) - Smith & Nephew PLC said Tuesday that it had agreed to acquire the business and assets of its Brazilian distributor Politec Saude.
30 employees will transfer from Politec Saude to Smith & Nephew. The medical devices company said that the acquisition was part of its strategy to build a sustainable Emerging Markets business.
"Being closer to the customer is at the heart of our Emerging Markets strategy," said Chief Executive Officer Olivier Bohuon in a statement. "Brazil is an exciting long-term opportunity and this is an important investment which creates a significant platform from which we can grow."
Smith & Nephew did not provide financial details of the acquisition.
Shares in Smith & Nephew were trading down 4.00 pence at 809.00 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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