Financial Daily from THE HINDU group of publications
Tuesday, Aug 02, 2005
Financial Daily from THE HINDU group of publications Tuesday, Aug 02, 2005 |
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Corporate
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Mergers & Acquisitions Strides Arcolab to buy Polish co, take 70 pc stake in Italian venture Our Bureau
Bangalore , Aug. 1 STRIDES Arcolab Ltd has announced its plan to buy a Polish pharmaceutical facility and take 70 per cent stake in an Italian facility. The two moves, totalling investment of $10 million (Rs 44 crore), will give Strides the first manufacturing footprint in Europe, said Mr K.R. Ravishankar, CEO, India. Strides has strong presence in Latin America and has started focusing on regulated markets in North America and Europe. The buying of a small sterile manufacturing unit in Warsaw for around $8 million will add to the capacity in steriles, non-sterile semi-solids, and small volume parenterals. Strides will also increase the capacity there. It will be subject to satisfactory legal and financial diligence. Mr Arun Kumar, Group CEO, said: "The facility at Poland represents a unique opportunity for the company to establish a manufacturing presence in Central Europe as well as expand its portfolio and business of finished forms. The Polish facility will give easier access to Europe at a low operating cost. The site has an excellent team and adequate space to take up expansions at a very low incremental cost." With its Italian venture, Strides will be getting into creams and ointments. The company, Beltapharm SpA, in which it acquired 70 per cent stake for 1.6 million euros, has a semi-solids facility in Milan. Beltapharm has refocused attention towards European markets and recently got the EU GMP approval. According to Mr Arun Kumar, the Italian unit would help it meet its recent contracts in developing and manufacturing semi-solids. The generics and nutraceuticals exporter, with combined sales of nearly Rs 450 crore, has presence in more than 50 countries. It has 12 existing manufacturing facilities in India, Brazil, Mexico, and the US.
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