Smith & Nephew expands into Turkey
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.