14 May 1998 16:43 [Source: ICIS news]
HOUSTON (CNI)--AlliedSignal moved Thursday to enhance its position as a global supplier of pharmaceutical chemicals with the acquisition of Switzerland's Pharmaceutical Fine Chemicals (PFC) for an undisclosed amount by Allied's speciality chemicals group.
PFC had sales of $110m in 1997 and Allied said the company has been growing at a compound annual rate of 45% since 1993. Allied is purchasing the company from an investor group led by Donaldson, Lufkin & Jenrette's (DLJ) Merchant Banking Group.
Allied described PFC as a "fast-growing producer and distributor of active and intermediate pharmaceutical products." Based in Lugano, Switzerland, PFC sells products to more than 500 customer companies in 50 countries across the globe for use in a wide range of prescription and over-the-counter medications.
PFC has 354 employees at two production and research facilities in Italy and another in the Bahamas.
"Acquiring PFC significantly advances our growing presence in pharmaceutical fine chemicals," said Paul Norris, president of Allied's speciality group. He called the acquisition a "major step forward" in advancing Allied's desire to become a "strong and competitive global supplier of pharmaceutical bulk active and advanced intermediate chemicals."
Allied's strategy in that regard involves strengthening its role as both a manufacturer of custom-made products and as a generic bulk actives producer, he said.
Norris said the PFC deal ranks as just the latest in a series of pharmaceutical acquisitions including the 1995 deal for Germany's Riedel-de Haen and last year's acquisition of Ireland's Iropharm.
Allied is based in Morris Township, New Jersey.
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