18th Aug 2005 14:00
Smith & Nephew Plc18 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, togetherwith Beiersdorf AG, preparing for the divestment of their joint venture BSNmedical. BSN medical is a global medical device company for professional medical productsand was created as a 50/50 joint venture between Beiersdorf and Smith & Nephewin April 2001. BSN medical has developed independently since then and is todayamong the market leaders in each of its business units. BSN medical is engagedin 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 theveins; and Wound Care, which specialises in adhesive fixation tapes, compresses,and retention bandages. BSN medical's turnover in 2004 was €504m, withoperating 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 isnot part of either partner's core business and is entering a new growth-orientedphase. Both partners and the management of BSN medical believe that thebusiness will benefit from a new ownership. Morgan Stanley has been engaged to advise the partners and manage thedivestment. Enquiries Smith & Nephew Investor Relations & MediaLiz Hewitt Tel: +44 (0)20 7401 7646Group Director Corporate Affairs 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 £1.25 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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