Three top 20 shareholders say medical devices company should consider spinning off orthopaedics unit
Three major investors are pushing FTSE 100 company Smith & Nephew to consider a break-up of the business, after disappointing results last month reignited concerns about the medical device maker’s strategy. The top 20 shareholders told the Financial Times that the UK-headquartered company should spin off its orthopaedics division, which makes replacement hip and knee joints, if management could not improve its performance.
Orthopaedics is the company’s largest but slowest-growing division, behind wound management and sports medicine. Growth has been particularly slow in the US, where it has steadily lost market share over the past decade and is now the fourth-largest provider of replacement hips and knees.
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