SME Times is powered by   
Search News
Just in:   • Sensex closes 98 pts up, capital goods stocks zoom  • Govt to launch a National Skills Mission soon  • Tyre industry wants correction in duty structure  • India's budget: Mood mixed at Moody's  • Bajaj Auto's February sales down 22 percent 
Last updated: 27 Sep, 2014  

Mexico.9.Thmb.jpg Mexican pharmaceutical maker buys Pfizer plant

Mexico.9.jpg
   Top Stories
» Reconsider demands of garment sector in Budget, urges AEPC
» FM allocates Rs 20,000 cr to MUDRA Bank to enhance credit for SMEs
» Union Budget aims at structural changes with focus on infra: FIEO
» Govt urges opposition to back land act amendment
» Petrol, diesel rates hiked by over Rs.3 a litre each
IANS/EFE | 18 Oct, 2012
 Mexican pharmaceutical maker Neolpharma bought a Pfizer facility in Puerto Rico that was set to close at the end of this year, a media report said.

Neither party disclosed the value of the transaction, El Nuevo Dia newspaper said.

The US giant announced in May 2010 that it would be closing two of its five factories in Puerto Rico, including the 130,000 sq. meter facility in the San Juan suburb of Caguas.

"The sale of the facility in Caguas is a positive result for our colleagues, the Caguas community and for Pfizer," one of the US firm's vice presidents, John Kelly, said.

Neolpharma plans to retain 130 of the plant's existing staff and to hire another 60 people on a temporary basis, Kelly said.

The Mexican company employs around 1,500 people overall and produces painkillers, anti-cancer drugs and medications for ailments of the heart and central nervous system.

The acquisition in Caguas marks Neolpharma's first manufacturing venture on US soil.

Pfizer's planned plant closings represent the loss of some 1,500 jobs in Puerto Rico, which has been mired in recession since 2007 and has a double-digit unemployment rate.

The US company will continue to produce Advil and cholesterol drug Lipitor, among other medications, at three other facilities in Puerto Rico. 
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
62.30
61.30
UK Pound
95.35
93.20
Euro
73.70
71.90
Japanese Yen 53.15 51.95
As on 03 Mar, 2015
  Daily Poll
Do you agree that Jaitley's Union Budget 2015-16 has neglected the SME sector?
 Yes
 No
 Partially Agreed
  Commented Stories
» Budget 2015: Will MSMEs get a booster?(8)
» Starting an import export business: Basic guide for beginners(7)
» Late payment: RBI move not enough for SMEs(3)
» Centre to set up Nabard subsidiary for easy loans to SMEs(2)
» Odisha chit fund scam: Charge sheet against Micro Finance Ltd(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter