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 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 3 UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
- 5 Men behaving badly: Urinating while standing, 'manspreading' and the gendering of selfishness
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign
Ellen DeGeneres leads Johnny Depp, Gwyneth Paltrow and Paul Bettany in revealing game of Never Have I Ever
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
British Muslim school children suffering a backlash of abuse following Paris attacks
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...