Portugal: Portuguese Pharmaceuticals Hovione purchase Chinese company [2008-02-28]


Loures, Portugal, February 28 - A pharmaceutical company Portuguese Hovione announced Wednesday in Loures Tuesday invested 20 million dollars in acquisition of a 75 percent of Zhejiang Hisyn Pharmaceutical, a Chinese company in the chemicals sector and pharmacist.

The deal puts in the hands of the Portuguese group a center of research in Shanghai and a factory with 22 thousand square meters installed in a land with 10 hectares located in Zhejiang, coastal province adjacent to Shanghai.

According to Hovione, a Chinese company already worked with the group, providing raw materials.

"This investment is aimed not only access to a cost structure of production and context much more competitive, which will allow us to consolidate our position in the market, but also act as a platform to enter into new emerging markets, such as China , India and Brazil, where the price factor is decisive, "said the administrator's financial Hovione, Miguel Calado.

Also this year should be completed the process of doubling the capacity at the Chinese plant, which is estimated at six million dollars.

In Portugal, Hovione is installed in Loures and abroad account with a pharmaceutical factories in Macao and the United States of America.

The group has 625 employees and in 2006 its volume of business was 70 million euros