The principles and rules of Straumann’s corporate governance are laid down in the Articles of Association, the organizational regulations, the code of conduct, and the charters of the Board Committees. These principles and rules are the basis of our corporate governance disclosures, which comply with the Directive on Information relating to corporate governance published by the SIX Swiss Exchange, where Straumann’s shares have been traded since the company’s initial public offering in 1998.
Straumann Holding AG is a listed stock corporation incorporated under the laws of Switzerland and domiciled as well as registered in Basel. It is the parent company of the Straumann Group (referred to also as ‘the Group’), which is headquartered in Basel and, as of 31 December 2017, includes 55 wholly owned and 5 partially-owned subsidiaries as well as 10 companies in which non-controlling interests are held.
|Straumann Holding AG||Basel, Switzerland||CHF||1 587 898|
|Institut Straumann AG||Basel, Switzerland||CHF||100 000|
|Straumann Italia Srl||Milan, Italy||EUR||270 000|
|Instradent Italia Srl||Milan, Italy||EUR||10 000|
|Equinox Implants LLP||Mumbai, India||INR||170 000 000|
|Equinox Dental AG||Basel, Switzerland||CHF||100 000|
|Straumann Villeret SA||Villeret, Switzerland||CHF||9 000 000|
|Instradent AG||Basel, Switzerland||CHF||100 000|
|Straumann Middle East PJS||Tehran, Republic of Iran||IRR||40 000 000|
|Straumann Holding Deutschland GmbH||Freiburg, Germany||EUR||25 000|
|Straumann GmbH||Freiburg, Germany||EUR||200 000|
|etkon GmbH||Gräfelfing, Germany||EUR||326 000|
|Instradent Deutschland GmbH||Freiburg, Germany||EUR||40 000|
|Medentika GmbH (51%)||Hügelsheim, Germany||EUR||275 000|
|Medentika CNC GmbH (48%)||Hügelsheim, Germany||EUR||200 000|
|Straumann GmbH||Vienna, Austria||EUR||40 000|
|Straumann Ltd||Crawley, UK||GBP||300 000|
|Instradent Ltd||Crawley, UK||GBP||1 000|
|Manohay Dental SA||Madrid, Spain||EUR||60 101|
|Instradent Iberia SL||Madrid, Spain||EUR||3 000|
|Straumann SAS.||Marne-La-Vallée, France||EUR||192 000|
|Straumann AB||Mölndal, Sweden||SEK||100 000|
|Biora AB||Malmö, Sweden||SEK||950 152|
|Straumann AS||Oslo, Norway||NOK||1 000 000|
|Straumann Danmark Aps||Brøndby, Denmark||DKK||125 000|
|Straumann Oy||Helsinki, Finland||EUR||32 000|
|Straumann SA/NV||Zaventem, Belgium||EUR||2 081 620|
|Straumann BV||Ijsselstein, Netherlands||EUR||18 151|
|JJGC Indústria e Comércio de Materiais Dentários S.A. (Neodent)||Curitiba, Brazil||BRL||1 127 621 860|
|Straumann LLC||Moscow, Russia||RUB||21 000 000|
|Instradent LLC||Moscow, Russia||RUB||17 250 000|
|Straumann SRO||Prague, Czech Republic||CZK||200 000|
|Instradent SRO||Prague, Czech Republic||CZK||100 000|
|Straumann Manufacturing, Inc||Andover, USA||USD||1|
|Straumann USA, LLC||Andover, USA||USD||1|
|ClearCorrect Holdings, Inc .||Round Rock, USA||USD||4 424|
|ClearCorrect Operating LLC||Round Rock, USA||USD||1 000|
|Loop Digital Soultions, LLC||Lincoln, USA||0|
|Instradent USA, Inc.||Andover, USA||USD||2 000 000|
|Straumann Canada Ltd||Burlington, Canada||CAD||100 000|
|Instradent Canada Ltd||Burlington, Canada||CAD||500 001|
|Dental Wings Inc.||Montreal, Canada||CAD||1 648 923|
|Dental Wings GmbH||Chemnitz, Germany||EUR||25 000|
|Dental Wings Hong Kong Ltd||Hong Kong||HKD||3 916 063|
|Shenzhen Dental Wings Company Limited (90%)||Shenzhen, China||CNY||1 439 602|
|Manohay Colombia SAS||Bogotá, Colombia||COP||7 100 062 213|
|Manohay Argentina SA||Buenos Aires, Argentina||ARS||9 000 000|
|Manohay Mexico SA de CV||México DF, Mexico||MXN||38 392 615|
|Manohay Chile SPA||Santiago, Chile||CLP||464 515 950|
|Straumann Group Peru SA||Lima, Peru||PEN||1 702 500|
|Straumann Singapore Pte Ltd||Singapore||SGD||10 000|
|Straumann Pty Ltd||Victoria, Australia||AUD||100|
|Straumann New Zealand Ltd||Napier, New Zealand||0|
|Straumann Japan KK||Tokyo, Japan||JPY||10 000 000|
|etkon Japan KK||Shibayama, Japan||JPY||10 000 000|
|Straumann (Beijing) Medical Device Trading Co Ltd||Beijing, China||CNY||40 000 000|
|Straumann Dental Korea Inc||Seoul, Republic of Korea||KRW||2 300 000 000|
|Straumann Dental India Pvt Ltd||Gurgaon, India||INR||1 316 000 000|
|STM Digital Dentistry Holding Ltd (49%)||Hong Kong||HKD||780|
|etkon Dental (Shenzen) Company Ltd (49%)||Shenzen, China||USD||4 488 598|
|Straumann Group (Thailand) Limited||Bangkok, Thailand||Baht||18 000 000|
In 2017, the Straumann Group comprised the following operational groups/departments and sales regions (in alphabetical order):
- Corporate Services, comprising: Corporate Communications & Investor Relations, Global People Management & Development, Legal, Compliance & Intellectual Property, Strategic Planning & Business Development
- Customer Solutions & Education, comprising: Customer Marketing, Training & Education, Marketing Communications, Product Management SDIS
- Instradent Management, which started to assume responsibility for Dental Service Organizations in the second half of 2017 (Dental Service Organizations will be fully operational 1 January 2018)
- Digital (fully operational 1 January 2018), comprising: Manufacturing Operations and Orthodontics
- Finance, comprising: Controlling, Corporate Accounting & Reporting, Treasury and all other finance-related functions; Corporate IT, Corporate Procurement, Facility Management
- Research, Development & Operations, comprising: Project Management, Research & Development, Technology & Testing; Corporate Logistics, Production, Quality Management & Regulatory Affairs
- Sales Distributors (excluding APAC and LATAM) & Emerging Markets
- Sales Europe
- Sales North America
- Sales Latin America including regional Distributor Management; Neodent production, Brazil
- Sales Asia/Pacific including regional Distributor Management.
Straumann Holding AG is listed in the main segment of the Swiss stock exchange. No other company controlled by Straumann Holding AG is listed on a stock exchange.
|Name||Straumann Holding AG|
|Domicile||Peter Merian-Weg 12, 4052 Basel, Switzerland|
|Listed on||SIX Swiss Exchange|
|Valor number||1228 007|
|ISIN||CH 0012 280 076|
Non-listed Group companies
The Group’s Headquarters are at Institut Straumann AG in Basel. The major subsidiaries of Straumann Holding AG are shown in the table above and in Note 33 to the Financial Statements of the Group on p. 192 of the Financial Report 2017. The subsidiary management is responsible for managing the local daily business. As laid down in the organizational regulations, the respective Regional Sales Head, the CFO and the General Counsel are usually members of the supervisory body of the subsidiaries.
Straumann Group products are sold through Institut Straumann AG, various distribution subsidiaries, and third-party distributors.
On 31 December 2017, Straumann Holding AG directly or indirectly held 100% of the capital and voting rights in all consolidated Group companies with certain exceptions (see table below). In addition, Straumann Holding AG directly or indirectly held capital rights in the companies listed in the same table.
Changes in 2017 and early 2018
In January 2017, the Group gained full ownership of the distribution company Instradent Deutschland GmbH by purchasing the 49% stake held by the founders of Medentika. At the same time, an agreement with the minority shareholders changed Straumann’s 51% stake in Medentika GmbH into a controlling interest. As a result, Straumann consolidated Medentika fully in its financial statements as of 1 January 2017.
In August 2017, Straumann acquired ClearCorrect Holdings Inc., a US-based provider of clear-aligner tooth-correction solutions. In October 2017, Straumann gained full ownership of the Canada-based digital dentistry company Dental Wings Inc.
In November 2017, Straumann Manufacturing Inc. fully acquired Loop Digital Soutions LLC, a small software developer in the US. The following distribution companies were established in 2017/early 2018: Straumann Middle East, Iran, Straumann Group Peru S.A., and Straumann Thailand. Early in 2018, Straumann’s South African distributor was acquired and renamed Straumann Group South Africa (Pty) Ltd.
In November 2017, the Group announced the acquisition of a 70% stake in its Turkish distribution company Batigroup, which will be completed in the first quarter of 2018. In December 2017, the Group announced the acquisition of Same Day Solutions (SDS), a dental distribution company in Portugal. The acquisition will be closed in the first quarter of 2018.
To reduce complexity and to increase efficiency, the Group began to merge its Instradent and Straumann companies. The completion of this initiative is scheduled for mid-2018, after which Instradent AG, Switzerland will be the sole remaining Instradent company.
Participation in other companies
The Group invested further in its technology platform and initiatives to broaden its scope in new fields by:
- acquiring a 49% non-controlling stake in the joint venture company, maxon dental GmbH (Germany)
- increasing its stake in Rodo Medical (USA) from 12% (obtained in 2014) to 30%
- acquiring a 35% stake in Rapid Shape (Germany)
- acquiring a 38% stake in Geniova (Spain).
Early in the year, the Group terminated its convertible loan agreement with MegaGen (Korea) and the latter paid back in cash the full amount of USD 30 million plus interest.
On 31 December 2017, the Straumann Group held the following non-controlling stakes
|Non-consolidated company||Location||Activities||Capital rights held||Straumann representation|
|Abutment Direct Inc.||Markham (Canada)||Dental implant prosthetics||25.5% through Medentika stake (M. owns 50%)||At general meeting|
|Anthogyr SAS||Sallanches (France)||Dental implant system||30% acquired in 2016||1 board seat|
|Createch Medical||Mendaro (Spain)||High-end CADCAM prosthetics||30% acquired in 2013; options to increase to 100% by 2019||1 board seat|
|Geniova||Madrid (Spain)||Dental aligners||38%||2 board seats|
|Maxon Dental||Kenzingen (Germany)||Ceramic dental implants||49% joint venture with maxon motor, established in 2017||3 advisory board seats|
|Rapid Shape||Heimsheim (Germany)||3D-printing systems||35% acquired in 2017||At general meeting|
|RODO Medical, Inc.||San Jose (USA)||Prosthetic fixation devices||30% acquired in 2017, up from 12% acquired 2014. Option to increase 51% in 2021.||2 board seats|
|T-Plus||New Taipei City (Taiwan)||Dental implants and prosthetic components||49% acquired in 2015; options to increase to 90% by 2020||1 board seat|
|V2R Biomedical Inc.||Montreal (Canada)||Guided surgery planning service||30% acquired in 2016; option to increase to 100% by 2020||1 board seat|
|Valoc AG||Möhlin (Switzerland)||Overdenture retention systems||44% acquired in 2015||1 board seat|
|Zinedent Implant Üretim AS||Ankara (Turkey)||Dental implant & prosthetic sales||50% joint venture||1 board seat|
The Group does not have, and has not entered into, any cross-shareholdings with other companies relating to equity or voting rights.