24th Feb 2006 07:00
Smith & Nephew Plc24 February 2006 Smith & Nephew completes disposal of 50% interest in BSN medical 24 February 2006 Smith & Nephew plc (LSE: SN, NYSE: SNN) announced today it has completed thesale of its 50% interest in BSN medical to Montagu Private Equity. Smith & Nephew has converted its share of the proceeds into US dollars and hasreceived $560 million in cash, after adjusting for net debt of BSN and certainother items. Net assets subject to disposal are $220 million and the gain ondisposal will be $315 million, after transaction costs of $25 million. Cash taxof $10 million will be payable on the transaction. Enquiries InvestorsPeter Hooley Tel: +44 (0) 20 7401 7646Smith & NephewFinance Director MediaDavid Yates Tel: +44 (0) 20 7831 3113Financial Dynamics About us Smith & Nephew is a global medical technology business, specialising inOrthopaedics, Endoscopy and Advanced Wound Management products. Smith & Nephewis a global leader in arthroscopy and advanced wound management and is one ofthe fastest growing global orthopaedics companies. Smith & Nephew is dedicated to helping improve people's lives. The companyprides itself on the strength of its relationships with its surgeons andprofessional healthcare customers, with whom its name is synonymous with highstandards of performance, innovation and trust. The company has over 8,500employees and operates in 33 countries around the world generating annual salesof $2.6 billion. Forward-Looking Statements This press release contains certain "forward-looking statements" within themeaning of the US Private Securities Litigation Reform Act of 1995. Inparticular, statements regarding expected revenue growth and operating marginsdiscussed under "Outlook" are forward-looking statements as are discussions ofour 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 identifyforward-looking statements. Such forward-looking statements involve known andunknown risks, uncertainties and other important factors (including, but notlimited to, the outcome of litigation, claims and regulatory approvals) thatcould cause the actual results, performance or achievements of Smith & Nephew,or industry results, to differ materially from any future results, performanceor achievements expressed or implied by such forward-looking statements. Pleaserefer to the documents that Smith & Nephew has filed with the U.S. Securitiesand Exchange Commission under the U.S. Securities Exchange Act of 1934, asamended, including Smith & Nephew's most recent annual report on Form 20F, for adiscussion of certain of these factors. All forward-looking statements in this press release are based on informationavailable to Smith & Nephew as of the date hereof. All written or oralforward-looking statements attributable to Smith & Nephew or any person actingon behalf of Smith & Nephew are expressly qualified in their entirety by theforegoing. Smith & Nephew does not undertake any obligation to update or reviseany forward-looking statement contained herein to reflect any change in Smith &Nephew's expectation with regard thereto or any change in events, conditions orcircumstances on which any such statement is based. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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