Smith & Nephew to acquire Turkish distribution

RNS Number : 6993I

Smith & Nephew Plc

05 July 2013

 



Smith & Nephew to acquire Turkish distribution

5 July 2013

Smith & Nephew plc (LSE: SN, NYSE: SNN), the global medical technology business, today announces an agreement to acquire certain assets related to the distribution of its orthopaedic reconstruction, trauma and sports medicine products in Turkey, currently conducted through Plato Grup.

The acquisition is in line with Smith & Nephew's strategic priority to expand in emerging markets.   

Olivier Bohuon, Chief Executive Officer of Smith & Nephew, commented:

"We are pleased to be able to make this investment, delivering on our strategy to develop sustainable businesses in markets with good long-term growth profiles.  Turkey is a fast-growing market with substantial opportunity and Plato is one of the leading businesses in our segment. With this acquisition we will be building upon a proven commercial platform, good reputation and strong relationships.  We will be closer to our customers and able to target new opportunities more actively."

It is anticipated that all Plato employees will join Smith & Nephew, including management and the sales team.  Plato has worked for Smith & Nephew since it was founded in 1995.

The acquisition, which is being made through the local subsidiary of Smith & Nephew, is expected to close in the second half of 2013 subject to the satisfaction of certain customary conditions.  The terms have not been disclosed.

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Enquiries

Investors
Phil Cowdy	[phone]
Smith & Nephew
Media
Charles Reynolds	[phone]
Smith & Nephew
Andrew Mitchell / Justine McIlroy	[phone]
Brunswick

About Smith & Nephew

Smith & Nephew is a global medical technology business dedicated to helping improve people's lives.  With leadership positions in Orthopaedic Reconstruction, Advanced Wound Management, Sports Medicine and Trauma, Smith & Nephew has around 10,500 employees and a presence in more than 90 countries. Annual sales in 2012 were more than $4.1 billion.  Smith & Nephew is a member of the FTSE100 (LSE: SN, NYSE: SNN).

For more information about Smith & Nephew, please visit:  www.smith-nephew.com

Forward-looking Statements

This document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading margins, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. For Smith & Nephew, these factors include: economic and financial conditions in the markets we serve, especially those affecting health care providers, payors and customers; price levels for established and innovative medical devices; developments in medical technology; regulatory approvals, reimbursement decisions or other government actions; product defects or recalls; litigation relating to patent or other claims; legal compliance risks and related investigative, remedial or enforcement actions; strategic actions, including acquisitions and dispositions, our success in integrating acquired businesses, and disruption that may result from changes we make in our business plans or organisation to adapt to market developments; and numerous other matters that affect us or our markets, including those of a political, economic, business, competitive or reputational nature.. 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 20-F, for a discussion of certain of these factors.

Any forward-looking statement is based on information available to Smith & Nephew as of the date of the statement. All written or oral forward-looking statements attributable to Smith & Nephew are qualified by this caution. Smith & Nephew does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in Smith & Nephew's expectations.

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