Medical device-maker Smith & Nephew has offloaded its gynaecology business for $350m and unveiled a $300m share buyback.
The company, which has been suffering from weaker than expected demand in emerging markets of late, said:
The planned sale of our Gynaecology business demonstrates our disciplined strategic approach to capital deployment.
The company said:
The [$300m] buy-back programme, the purpose of which is to reduce the Company’s share capital, commences today and will end no later than 31 March 2017.