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Beiersdorf and Smith & Nephew join hands for BSN Medical

24
Aug '05

Cosmetic firm Beiersdorf AG, Hamburg, has announced that it is together with Smith & Nephew plc, London, preparing for the divestment of their joint venture BSN medical, Hamburg.

BSN medical is a global medical device company for professional medical products and was created as a 50/50 joint venture between Beiersdorf and Smith & Nephew in April 2001. BSN medical has developed independently since then and is today among the market leaders in each of its business units.

Global leader in the worldwide healthcare market, BSN medical is engaged in Orthopaedics, which specializes in bandaging, cast tapes, Plaster of Paris, splinting systems, orthopaedic soft goods, fracture bracing, and thermoplastics; Phlebology, which serves the needs of patients suffering from diseases of the veins; and Wound Care, which specializes in adhesive fixation tapes, compresses, retention bandages, disposables and urology products. BSN medical's turnover in 2004 was €504m, with operating profits of €70m.

The continuation of the business independently from Beiersdorf and Smith & Nephew in 2006 marks the logical next stage in its development. BSN medical is not part of either partner's core business and is entering a new growth-oriented phase. Both partners and the management of BSN medical believe that the business will benefit from a new ownership.

Morgan Stanley & Co Limited has been engaged to advisethe partners and manage the divestment.

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