Owens & Minor (NYSE: OMI) is a Fortune 500 company based in Mechanicsville, Virginia. Owens & Minor, Inc. is a healthcare logistics company specializing in contracting packages of healthcare products for hospitals. Owens & Minor's tagline is "Connecting the World of Medical Products to the Point of Care". The company provides supply chain services to healthcare providers and manufacturers of healthcare products, including disposable medical supplies as well as devices and implants. Owens and Minor has logistics operations in the United States and Europe, where three quarters of global healthcare spending occurs. Owens & Minor's customers span the healthcare market from independent hospitals to large integrated healthcare networks, as well as group purchasing organizations, healthcare products manufacturers, and the federal government. Annualized revenues exceed $9 billion.
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History & Legacy
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. 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 business. Within a few years, company profits skyrocketed, and Owens, Minor & Bodeker were a leading member in the industry.
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. 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 moniker OMI. It was around this time that revenues earned the company a Fortune 500 title.
By 1999, the corporation had refocused its pursuits towards medical supply chain management. Through consulting, providing solutions, 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 2000's, Owens & Minor acquired various medical distributors across the United States, notably the direct-to-consumer distributor McKesson Medical-Surgical Inc., a business unit of McKesson, for $152.1 million, on September 30, 2006. 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. In 2014, the corporation acquired ArcRoyal, a privately held medical kit company based in Dublin, Ireland.
Owens & Minor has announced plans to acquire Halyard Health's Surgical & Infection Prevention business and believes it will close the transaction in early 2018. The $710 million acquisition gives Owens & Minor a leadership position in the Surgical & Infection Prevention products segment. This is the largest acquisition in Owens & Minor's history.
On November 21, 2017, billionaire investor Warren Buffett ranked Owens & Minor as one of the most undervalued stocks of 2017.
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Personnel
Paul Cody Phipps has been the Chief Executive Officer and President at Owens & Minor Inc. since July 1, 2015. Phipps holds an MBA in Finance and Operations from the University of Chicago Graduate School of Business and a Bachelor's degree in Mechanical Engineering from Ohio State University. He is married and has four children. Owens & Minor annually employs around 5,600 teammates, scattered across various distribution centers around the United States.
Business Transition
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. Downtown Richmond has become a financial center in the last decade, hosting various corporations and banking entities such as Dominion Resources, SunTrust Bank, Capital One, UPS, BB&T, and Genworth Financial. The corporation will also continue to work out of its various offices across the United States.
References
- http://www.beta.fortune.com/fortune500/list
- http://www.vahistorical.org/collections-and-resources/how-we-can-help-your-research/researcher-resources/finding-aids/owens
- https://www.bloomberg.com/research/stocks/people/person.asp?personId=6730246&privcapId=36012
- https://www.owens-minor.com/were-owens--minor/legacy
External links
- Company Website
Source of the article : Wikipedia
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