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The 2013 USC Marshall International Case Competition. Each Year We Welcome to the 2013 USC Marshall International Case Competition. Each year we invite students from schools around the world to participate in this competitive event. Of the thirty teams attending this year, 19 teams represent schools from outside the United States. We embrace all of you and hope you enjoy your brief visit to Los Angeles and the University of Southern California. This year’s case presents issues which are current and very real to this business and their competitors in this and related industries. Thus, do not feel that the only relevant and available information is found within the four corners of this document. While some of the information provided here was only made available on the day we went to press, this industry is changing so quickly that there is no doubt in our minds that additional relevant information will appear in the days running up the time you receive this document. Thus, you should feel free to look for, and use, additional information which you may find online in completing your analysis of this case. References to some additional sources of information may be found in the Appendix. In addition to testing your skills in strategic analysis this year’s case seeks to address a topic which is very relevant to each of you as consumers. Your own experience with this industry and with the companies covered in the case will no doubt influence your perspective. Give voice to your own insights. We are certain that the panel of judges and company representatives are willing and eager to listen to your recommendations for today and the future. We encourage each individual to enjoy the event and admonish each team to follow our motto here at USC: Fight on! Owens & Minor Inc.: Entering Europe “Looking ahead to 2012, we believe we are well-positioned to support our healthcare customers, both providers and suppliers, as they navigate the course set by a changing industry. We have the teammates, the expertise, and the vision to serve the complex healthcare sector. But, as we serve this market, we will not stray from the values that have defined our company for 130 years. We will keep our eye on what’s next, but never lose sight of what matters.” Craig R. Smith President and CEO, Owens & Minor, Inc. Owens & Minor is the leading distributor of medical and surgical supplies to the acute-care market in the United States and a leading provider of healthcare supply chain management solutions. In September 2012, Owens & Minor completed acquisition from Celesio AG in Germany of the Movianto Group, which specializes in third-party logistics for the pharmaceutical and medical device industries in Europe. When the acquisition was announced Craig Smith, President and Chief Executive Officer, announced: “The intended acquisition of Movianto provides Owens & Minor with a premier European healthcare logistics franchise, enabling us to significantly expand our existing third-party logistics and scale….Our manufacturer partners have increasingly expressed interest in working with Owens & Minor on a global basis, and Movianto provides us with an exceptional platform from which to serve them. Owens & Minor looks forward to working with the Movianto and Celesio teams to serve customers and create long-term value.” 1 Celesio announced that the sale of Movianto, which had been part of the Celesio group since 2004, was in line with a strategic realignment. Celesio is in the process of paring back its business in order to increase its focus on its core pharmaceutical wholesale and pharmacies business which accounted for more than 95% of the group business.2 Markus Pinger, Chief Executive Officer of Celesio, is overhauling the company, including selling units that are not part of the main business, after the company cut profit forecasts twice last year due to increased regulation and competition in Europe.3 He said: “We are about to sell Movianto more swiftly than originally planned. We can combine this with the opportunity to pursue partnerships with Owens & Minor, a leading U.S. company. We are implementing our new strategy with great consequence and step by step. The decision to sell is mainly driven by the buyer’s reputation for quality and integrity, thus defending the best interest of the Movianto employees. With Owens & Minor, we have found a potential investor who will drive Movianto’s successful development, offering new prospects. This will be an all-round positive solution for all parties Professor Coombs and Kimberly Esser prepared this case solely as a basis for class discussion and not as an endorsement, a source of primary data, or a illustration of effective or ineffective management. Copying or posting is a violation of copyright. USC Marshall School of Business, University of Southern California, February 2013. Page 1 concerned.”4 Owens & Minor plans to integrate the two businesses, while keeping the Movianto teams and logistics centers located across Europe intact.5 Celesio and Owens & Minor will explore mutually beneficial projects in distribution and logistics in the healthcare markets.6 For Owens & Minor, the acquisition of Movianto enables the company to enter the European market with a broad and fully functioning third-party logistics platform. Owens & Minor will assume customer relationships, the logistics centers and the 1,800 team members across the network of 23 facilities in 11 European countries, including the United Kingdom, Germany, and France. Owens & Minor’s U.S.-based third-party logistics service and Movianto, share highly complementary services such as warehousing, transportation, cold chain logistics, as well as value-added services such as order-to-cash, repackaging and relabeling of products. Movianto served pharmaceutical and medical device manufacturer customers globally from 23 logistics centers in 11 European countries with approximately 1,800 teammates, providing warehousing, transportation, and cold chain logistics, as well as value-added services such as order-to-cash, repackaging and relabeling of products. The acquisition was funded by available cash and is expected to dilute earnings per share in 2012, be neutral in 2013 and accretive hereafter.7 With the acquisition of Movianto Owens & Minor will add a large pharmaceutical distribution business to its current medical/surgical product business. While the Movianto Group acquisition provides Owens & Minor an opportunity to lift its operation to a global scale, there will be many challenges: Integrating the Owens & Minor structure, culture, and values with the employees and organization of the Movianto Group, managing enterprises in different geographies and time zones, conducting business across borders in Europe, dealing with different government regulations, exchange rates and health care delivery systems. Healthcare logistics differ between countries within the European Union and differ from the distribution industry found in the United States. Mr. Smith and James L. Bierman, Executive Vice President & Chief Operating Officer consider what they will find, what they will need to bring or build, and how the firm should organize itself in the European market to grow the Movianto distribution business. COMPANY BACKGROUNDS Owens & Minor, Inc. Owens & Minor, Inc., a Fortune 500 company headquartered in Richmond, Virginia, is a leading national distributor of name-brand medical and surgical supplies and a healthcare supply-chain management company. With a diverse product and service offering and distribution centers throughout the United States, the company serves hospitals, integrated healthcare suppliers, and the US federal government. The company provides technology and consulting programs that improve management and streamline logistics across the entire medical supply chain— Copying or posting is a violation of copyright. USC Marshall School of Business, University of Southern California, February 2013. Page 2 from origin of product to patient bedside.8 For the first 110 years, the company provided pharmaceutical, and medical and surgical supplies to drugstores and hospitals throughout selected areas of the United States. In 1992, the company made a decision to sell their wholesale drug business and focus entirely on the medical/surgical marketplace. Through the strategic acquisitions of other medical-surgical distributors over the decades, Owens & Minor gained national strength and stature to become the industry leader they are today. Currently, the company’s 4,800 (US) teammates in 51 distribution centers and the home office serve 4,500 hospitals, integrated healthcare systems, alternate care locations, and the federal government with a comprehensive offering of medical and surgical products. The majority of the company’s sales are consumable goods, such as disposable gloves, dressings, endoscopic products, needles and syringes, sterile procedure trays, surgical products and gloves, and urological and wound closure products. Owens & Minor has established a great reputation for providing superior, world-class service and continually strives to exceed their customers’ expectations.9 In 2010 Owens & Minor was recognized as the leading firm in the U.S. supply chain management industry. Celesio Group (Stuttgart, Germany) Celesio is a leading international trade, logistics and services company working in the pharmaceutical and healthcare sector that proactively and preventively ensures that patients receive optimum care and support. It operates in 27 countries worldwide and employs around 46,000 people. With more than 2,200 owned
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