Business Daily from THE HINDU group of publications
Friday, Jul 27, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Jul 27, 2007 ePaper |
|
|
|
|
|
|
|
Corporate
-
Restructuring
Our Bureau Mumbai, July 26 After having decided to exit the animal health business in April last year, GlaxoSmithKline Pharmaceuticals Ltd (GSK Pharma) has decided to divest its other peripheral business of fine chemicals as well. GSK Pharma’s board on Thursday approved the divestment of Qualigens Fine Chemicals (QFC) to Thermo Electron LLS India Private Ltd, for a consideration of Rs 240 crore. The transaction is expected to be completed by September, subject to shareholder approval. Thermo Electron India is a subsidiary of US-based Thermo Fisher Scientific Inc, a $9-billion company that provides analytical instruments, laboratory equipment and reagents, among other things. QFC clocked sales of Rs 97 crore in 2006 and has about 150 employees, who will now move to Thermo Electron, a GSK official said. GSK Pharma’s erstwhile fine chemicals business mirrors a situation similar to animal health, with the multinational drug-maker being present in the two businesses only in the Indian market. Dr Hasit Joshipura, Managing Director of GSK Pharma, said in company statement that the infusion of new technology was necessary to further grow the business. GSK Pharma exited the animal health business, when it sold Agrivet Farm Care to France-based Virbac Animal Health India Private Ltd for Rs 207.1 crore, last year. GSK Pharma shares were down 2.60 per cent on the BSE, at Rs 1,221.65
More Stories on : Restructuring | Pharmaceuticals | Glaxosmithkline Pharmaceuticals Ltd
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|