Owens & Minor

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

Owens & Minor, Inc.
Public
Traded as
IndustryHealth care
Founded1882; 137 years ago (1882)
Incorporated in 1926; 93 years ago (1926)
Founder
  • G. Gilmer Minor
  • Otho O. Owens
HeadquartersMechanicsville, Virginia, United States
Key people
  • Edward A. Pesicka
  • (President & CEO)
  • Robert K. Snead
  • (Executive VP & CFO)
RevenueIncrease 9.84 billion (2018)
Increase 177 million (2018)
Decrease 70.4 million (2018)
Total assetsIncrease 3.77 billion (2018)
Total equityIncrease 3.77 billion (2018)
Number of employees
  • ~6,700 (United States, 2017)
  • ~11,200 (outside U.S., 2018)
WebsiteOwens-Minor.com
Footnotes / references
[1] [2] [3] [4]

[5]

Owens & Minor, Inc. (NYSE: OMI) is a global healthcare solutions[buzzword] company with integrated technologies, products, and services aligned to deliver significant and sustained value for healthcare providers and manufacturers across the continuum of care. With 17,000 dedicated[citation needed] teammates serving healthcare industry customers in 90 countries, Owens & Minor helps to reduce total costs across the supply chain by optimizing episode and point-of-care performance, freeing up capital and clinical resources, and managing contracts to optimize financial performance.[citation needed] A FORTUNE 500 company, Owens & Minor was founded in 1882 in Richmond, Virginia, where it remains headquartered today. The company now has distribution, production, customer service and sales facilities located across the Asia Pacific region, Europe, Latin America, and North America.

History and legacy[edit]

Owens & Minor is now one of seven Fortune 500 companies headquartered in the Richmond area

Owens & Minor initially opened as a drug company on the streets of downtown Richmond, Virginia in 1882, inside a historic building which still stands today.[6] The company continued this business for over half a century, until in 1954 Gil Minor, Jr., bought out Bodeker Drug Company, a smaller operation in the same industry. Within a few years, the company grew steadily, and Owens, Minor & Bodeker was a leading member in the industry.[6]

In 1966, expansion came with the acquisition of local A&J Hospital Supply. This was the company's initial entrance to the market of medical and surgical distribution. By 1970, OMB had opened Cardinal Drug Centers to provide merchandising for more independent drug companies, and within two years the stores stocked more than 25,000 items. Around this time, disposable items were administered to hospitals for various medical procedures.[6] G. Gilmer Minor III, of direct relation to the founder, became CEO in 1984. By 1988, Owens & Minor began trading on the New York Stock Exchange under the ticker OMI. It was around this time that revenues earned the company a Fortune 500 title.[6]

By 1999, the corporation had refocused its pursuits towards medical supply chain management. Through consulting, providing solutions[buzzword], and acting as a middle man between medical providers and vendors, Owens & Minor revolutionized the medical care process, streamlining efficiency and costs for both sides of the medical world. Throughout the 2000s, Owens & Minor acquired various medical distributors across the United States, notably the hospital distributor McKesson Medical-Surgical Inc., a business unit of McKesson, for $152.1 million, on September 30, 2006.[6][7] In 2012, Owens & Minor entered the European market, opening offices in Spain, France, Germany, Poland, and the Czech Republic after the acquisition of Movianto Group.[8] In 2014, the corporation acquired ArcRoyal, a privately held medical kit company based in Dublin, Ireland.[9]

In 2018, Owens & Minor acquired Halyard Health’s Surgical & Infection Prevention business. [10] The $710 million acquisition gives Owens & Minor a leadership position in the Surgical & Infection Prevention products segment. Halyard is a manufacturer of sterilization wrap, facial protection products, exam gloves, protective apparel, surgical drapes and surgical gowns. This is the largest acquisition in Owens & Minor’s history. Owens & Minor annually employs around 17,000 dedicated teammates serving healthcare industry customers in 90 countries.

Personnel[edit]

On March 7, 2019 Edward A. Pesicka joined the company as the President and Chief Exectutive Officer. Pesicka, a formerly long-tenured executive at Thermo Fisher Scientific, has over 25 years of business and operational experience focused on distribution, manufacturing and service for the healthcare, pharmaceutical, biotechnology and scientific research industries. He will also join the company's Board of Directors.

Business transition[edit]

In the 4th quarter of 2017, Owens & Minor opened a second office to host the new Customer Engagement Center (CEC) in downtown Richmond, Virginia. This is due to a business rebranding strategy implemented by the company in order to streamline efficiency. Owens & Minor is attempting to centralize business in effort to mainstream processes and increase efficiency in a more urban setting. "This announcement is an outstanding example of our continuing work building a new Virginia economy," said Virginia Governor Terry McAuliffe.[11] Downtown Richmond has become a financial center in the last decade, hosting various corporations and banking entities such as Dominion Resources, SunTrust Banks, Capital One, UPS, BB&T, and Genworth Financial.[12] The corporation will also continue to work out of its various offices across the United States.[11]

References[edit]

  1. ^ "US SEC: Form 8-K, Departure of P. Cody Phipps and Appointment of Robert C. Sledd as interim President, CEO, & Chairman of the Board". U.S. Securities and Exchange Commission. November 8, 2018. Retrieved December 13, 2018.
  2. ^ "US SEC: Form 8-K, Appointment of Robert K. Snead as Executive Vice-President & CFO". U.S. Securities and Exchange Commission. December 8, 2018. Retrieved December 13, 2018.
  3. ^ "US SEC: Annual Form 10-K (2017), Owens & Minor, Inc". U.S. Securities and Exchange Commission. February 23, 2018. Retrieved December 13, 2018.
  4. ^ "Owens & Minor Earnings Report" (PDF). Shareholder.
  5. ^ "Investor Relations". Owens & Minor, Inc. Retrieved March 15, 2019.
  6. ^ a b c d e https://www.owens-minor.com/were-owens--minor/legacy
  7. ^ http://www.wikinvest.com/wiki/Owens_%26_Minor_(OMI)
  8. ^ http://investors.owens-minor.com/releasedetail.cfm?releaseid=703789
  9. ^ http://investors.owens-minor.com/releasedetail.cfm?releaseid=872035
  10. ^ "Owens & Minor Completes Acquisition of Halyard Health's Surgical & Infection Prevention (S&IP) Business". Owens & Minor, Inc. Retrieved March 15, 2019.
  11. ^ a b http://investors.owens-minor.com/releasedetail.cfm?releaseid=1012340
  12. ^ "Owens & Minor Fortune 500".

External links[edit]