16th Dec 2005 16:06
Smith & Nephew Plc16 December 2005 Smith & Nephew and Beiersdorf AG plc realise investment in BSN medical - sale toMontagu Private Equity 16 December 2005 Smith & Nephew plc together with its partner Beiersdorf AG announced today theyhave signed an agreement to sell their 50/50 joint venture BSN medical, Hamburg,to Montagu Private Equity for €1.030 billion. This agreement is conditionalupon competition clearances being received. Final completion of the sale isexpected in the first quarter of 2006. BSN medical is a global medical device company for professional medical productsfor general wound care, non-invasive orthopaedics and phlebology. The company'srevenues and operating profits in 2005 are expected to be approximately €525mand €78m respectively. Smith & Nephew plc and Beiersdorf AG emphasised the significant achievements byBSN medical's employees and management who have driven the company's successfuldevelopment since its creation in April 2001 and made it one of the leaders ineach of its markets. Montagu is a leading private equity investor in Europe with funds undermanagement of €3bn. Montagu will support the existing management in furtherimplementing the growth strategy of BSN medical. Smith & Nephew plc and Beiersdorf AG have been advised by Morgan Stanley & Co.Limited. Enquiries Investors/Media Liz Hewitt Tel: +44 (0) 20 7401 7646 Smith & Nephew Group Director Corporate Affairs About BSN medical BSN medical, which was established as a joint venture in April 2001 to combinethe former casting and bandaging, general wound care and phebology businesses ofBeiersdorf AG and Smith & Nephew plc, is a major global player in theprofessional medical products market for general wound care, non-invasiveorthopaedics and phlebology. The company is among the leaders in many of thesegments in which it competes and numerous BSN medical products and brands, suchas Dynacast, Jobst, Deltacast and Leukoplast, are among the most trusted namesin the industry amongst healthcare professionals. BSN medical operates in 25 countries, employs approximately 3,400 staff and isexpecting sales of approximately €520 million for 2005. About Smith & Nephew plc 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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