Smith sells Perry for £31m
Thursday 11 May 1995
The disposal to Ansell, a division of Pacific Dunlop, involves a £19m write-off of goodwill paid at the time of original acquisition. A loss of £12m will be taken in Smith's next results.
Following the sale, Smith & Nephew is focused on five main product areas - wound management, casting and support, trauma, arthroscopy and orthopaedic implants. The company said it planned to concentrate on sophisticated products that would sell world-wide.
John Robinson, chief executive, said: "Perry helped to build the foundation for today's successful US operation. But in an increasingly competitive market, surgical gloves are not readily sold alongside our product range."
In 1994 Perry made profits of £3.4m on sales of £41m. For a period after the sale, Smith will continue to distribute Perry gloves outside the US and provide technical support to Ansell.
Two months ago, Smith announced a £5.5m loss after an exceptional charge of £177.7m, mainly on the sale of the US lens business, Ioptex. At the time the company said it was planning sizeable acquisitions to give it greater critical mass in the fast-changing global pharmaceuticals market.
Mr Robinson said the expansion would focus on the Asia-Pacific region.
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 Eddie Redmayne in The Danish Girl: First look at Oscar winner as transgender artist
- 4 PornHub turns masturbation into energy in bid to save the planet
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
Leonard Nimoy dead: Star Trek Spock actor dies after suffering lung disease
PornHub turns masturbation into energy in bid to save the planet
Ukraine crisis: Top Chinese diplomat backs Putin, says West should 'abandon zero-sum mentality'
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...