Smith & Nephew (NYSE:SNN) said this week that it acquired Russia’s DeOst group, which makes and distributes trauma and orthopedic devices, for an undisclosed amount.
DeOst has distributed the British healthcare giant’s products in Russia since 2009, Smith & Nephew said.
“Smith & Nephew has grown its business in Russia since 2005. This investment, in line with our strategy to build our platform in the emerging markets, significantly boosts our local presence and prospects and will enable us to take advantage of market dynamics and better serve Russian customers,” CEO Olivier Bohuon said in prepared remarks.
Smith & Nephew said it’s taking on about 350 DeOst employees in the deal.
The DeOst group’s “local capability to manufacture mid-tier trauma products will enable us to reach more customers following recent changes relating to state tenders supporting Russian produced products,” Smith & Nephew said. Sanctions imposed on Russia by the United States and Europe in response to Moscow’s part in the Ukraine crisis have complicated life for some European firms doing business in Russia.
Material from Reuters was used in this report.
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