Convatec

Convatec Group plc is a medical products and technologies company based in Paddington, London, England. offering products and services in the areas of advanced wound care, ostomy care, continence and infusion care. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Convatec Group plc
TypePublic limited company
IndustryMedical devices
Founded1978
HeadquartersPaddington, London, England, UK
Key people
  • Dr John McAdam​ (chairman)
  • Karim Bitar (CEO)
ProductsAdvanced wound care, ostomy care, continence care and infusion care
RevenueIncrease US$2,072.5 million (2022)[1]
Increase US$207.3 million (2022)[1]
Decrease US$62.9 million (2022)[1]
Number of employees
10,000 (2023)[2]
Websitewww.convatecgroup.com

History

The company was established as a division of E.R. Squibb & Sons, Inc. in 1978[3] and acquired by Nordic Capital and Avista Capital Partners in 2008.[3] In 2008 merged with Unomedical (with headquarters in Denmark), a manufacturer of single-use medical devices,[4] and 180 Medical, a catheter manufacturer, in 2012.[5]

In June 2015 the company won a Court of Appeal ruling that determined that in the context of a patent "between 1% and 25%" should be interpreted rounding to the nearest 1%, so that an attempt to circumvent a patent by using the value 0.9% failed.[6] In October 2016 the company was valued at £4.4bn in the largest initial public offering on the London Stock Exchange in the year.[7]

On 15 October 2018, Convatec announced that Paul Moraviec would be retiring as CEO with immediate effect, and would be succeeded on an interim basis by non-executive director Rick Anderson, who was formerly the chairman of Johnson & Johnson.[8]

On 25 March 2019, Convatec announced Karim Bitar, formerly CEO of Genus Plc, had been appointed CEO and would join the business on 30 September 2019.[9]

On 19 August 2019, Convatec announced Dr John McAdam CBE would become Chairman, effective 30 September, the same day Karim Bitar became CEO.[10]

Operations

The company has 10,000 employees and operates in more than 100 countries.[7]

References
  1. "Annual Results 2022" (PDF). ConvaTec. Retrieved 9 March 2023.
  2. "Company overview". ConvaTec. Retrieved 13 February 2023.
  3. "ConvaTec to raise $1.8bn through London IPO". Financial Times. 3 October 2016. Retrieved 3 December 2016.
  4. "ConvaTec Completes Acquisition of Unomedical". Biospace. 3 September 2008. Retrieved 3 December 2016.
  5. "ConvaTec snags catheter maker for $321M". Fierce Biotech. 4 September 2012. Retrieved 3 December 2016.
  6. "What exactly does 'one' mean? Court of Appeal passes judgement on thorny mathematical issue". The Independent. 27 June 2015. Retrieved 3 December 2016.
  7. "ConvaTec valued at £4.4bn in biggest London listing this year". The Independent. 26 October 2016. Retrieved 3 December 2016.
  8. "ConvaTec CEO steps down amid lowered outlook". Mass Device. 15 October 2018. Retrieved 13 February 2023.
  9. "ConvaTec to appoint Karim Bitar from Genus as CEO". Reuters. 24 March 2019. Retrieved 13 February 2023.
  10. "ConvaTec appoints seasoned transformation guru as chairman". Proactive Investors. 19 August 2019. Retrieved 2 August 2022.
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