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 Disney heiress Abigail disowns her share of family profits in West Bank company
- 2 The secret report that helps Israel hide facts
- 3 'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
- 4 Israel's propaganda machine is finally starting to misfire
- 5 HSBC closes bank accounts belonging to Muslim clients in the UK
A former custard factory, a Midlands bog and a Leeds cemetery all included in top 50 hidden spots in the UK
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Disney heiress Abigail disowns her share of family profits in West Bank company
Drew Barrymore’s sister Jessica found dead in her car surrounded by 'dozens of white pills'
'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
The secret report that helps Israel hide facts
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...
£450 - £650 per day + competitive: Orgtel: My client, a leading bank, is curre...
£350 - £400 per day + competitive: Orgtel: Senior Analyst, ALM Data, Halifax, ...
£500 - £600 per day: Orgtel: Java developer - Banking - London - Up to £600/d...