SME Times is powered by   
Search News
Just in:   • ABB: Building Growth Momentum  • Limelight Networks Expands Its Content Delivery Network  • FICCI Launches Insurance Policy for Start-ups, SMEs  • The World Games 2017 Delivered across Europe with SES Video  • Finstar to Invest USD150 Millon in Fintech 
Last updated: 27 Sep, 2014  

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

Mexico.9.jpg
   Top Stories
» Ram Nath Kovind elected new President of India
» Share of MSMEs in India's exports near 50 pc in 2015-16: Sitharaman
» India to achieve 7.4 pc growth in 2017, predicts ADB
» Govt clears tax MoC with BRICS countries
» Cabinet approves merger of HPCL with ONGC
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
65.65
63.95
UK Pound
85.35
82.50
Euro
74.65
72.25
Japanese Yen 58.30 56.35
As on 21 Jul, 2017
  Daily Poll
Would you like to go for the Digital MSME scheme?
 Yes
 No
 Can't say
  Commented Stories
» Digital MSME scheme: Cloud made easier(14)
» Co-origination model: A new approach to MSME credit(11)
» Starting an import export business: Basic guide for beginners(5)
» RBI for PCR, says will address credit issue of MSMEs, startups(3)
» 'GST to help MSMEs to compete with cheap imports from China, others'(3)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter