Reddy’s scoops Roche unit in Mexico
Dr Reddy’s Laboratories Ltd, India’s third-biggest drugmaker, has acquired Roche’s manufacturing business in Mexico for $59 million.
The business involves the manufacture and sale of active pharmaceutical ingredients, or APIs, to Roche and other companies. The purchase agreement includes all supply contracts.
The Cuernavaca, Mexico unit manufactures 18 products including APIs and steroids, and has 340 employees.
While the products and the facilities have been valued at around $39 million, the remaining cost is towards cash and inventories with Roche, G V Prasad, CEO, Dr Reddy’s said.
The acquisition will be completed by end of December 2005 making it the fourth and the biggest takeover by Dr Reddy’s since its inception.
Earlier, it had acquired two UK-based companies, BMS Laboratories and its wholly owned subsidiary, Aurigene Discovery Technologies, for around $12 million in 2002. This was followed by a recent $11 million deal for the takeover of US-based Trigenesis Therapeutics.
More: dnaindia.com
Mexico deal to kickstart Dr Reddy’s CPS foray
Dr Reddy’s Laboratories’ $59m acquisition of Roche’s active pharmaceutical ingredients (API) business in Mexico has helped the domestic pharma major jump-start its plans for the custom pharmaceutical services (CPS) business.
The CPS business involves providing solutions to innovator pharmaceutical companies right from the time a potential drug molecule is in the research stage till the product reaches the market.
The company forayed into the CPS space recently and this business contributes to about $10m of its total revenue of $446m. The acquisition provides an opportunity for the company’s CPS business to grow ten
GE Unit Wins Contract From Mexico Utility
GE Energy said Thursday it was awarded a contract by Mexico's state-owned electric utility to expand output capacity at the country's only nuclear power plant.
In a news release, the unit of General Electric Co. said the contract from the Federal Electricity Commission, or CFE, is to initially provide safety and licensing evaluations for plans to increase output by 20 percent at the Laguna Verde plant in the Gulf coast state of Veracruz.
Soure: news.moneycentral.msn.com
Mexicos Carso seeks to delist Sanborns retail unit
Mexican conglomerate Grupo Carso said on Monday it would ask shareholders to make an offer to buy up to 100 percent of outstanding shares in retail unit Grupo Sanborns and delist the company from Mexicos stock market.
Carso (GCARSOA1.MX: Quote, Profile, Research), an industrial and retail conglomerate that belongs to the business empire of Latin Americas richest man, Carlos Slim, said it would offer to pay 26 pesos per share it does not currently own in Sanborns (GSANBORB1.MX: Quote, Profile, Research), for an estimated total cost of 4.1 billion pesos ($376 million).
Source : today.reuters.com
UPDATE 1-Schering says to divest Mexico chemicals unit
German drugmaker Schering (SCHG.DE: Quote, Profile, Research) will divest its chemicals production unit at Orizaba in Mexico, part of its Focus cost-cutting drive, it said on Monday.
Schering has around 250 employees at the site and expects the divestment to be completed before 2008. In the meantime, chemical production at the site will continue, it said.
The Berlin-based company is also reviewing chemical production activities at another site, at Bergkamen in Germany.
It said the review was expected to result in a further restructuring and optimisation of production processes.
Schering shares were up 0.2 percent at
Mexico now doubts detaineees were members of elite force
Mexican officials are continuing to investigate seven Guatemalans detained while carrying prohibited firearms.
But Mexican authorities today said they now do -NOT- believe the men are former members of an elite Guatemalan counterinsurgency unit.The men, who face charges of weapons trafficking, were caught near the Guatemalan border on September tenth.Officials say the men had six large-caliber rifles and about 16-hundred rounds of ammunition.Authorities earlier said the men might be former "Kaibiles," an elite Guatemalan paratrooper unit, and that they had arrived to work with Mexican drug traffickers. Copyright 2005 Associated Press. All
Mexico holds ex-army Guatemalans
A group of armed Guatemalan men held in Mexico on suspicion of aiding drug gangs had been trained by an elite soldiers' unit, officials say.
At least four in the group of seven men detained had been in the Guatemalan army, Mexico's attorney general said.
Mexican authorities are investigating whether the heavily-armed group had entered the country to fight alongside a local gang of drug smugglers.
Mexico is battling a surge in violence blamed on competing drug gangs.
The seven men were arrested by Mexican authorities near the Guatemalan border on 10 September.
They were carrying six
Mexico Army Brings Aid to Katrina Victims
A Mexican army convoy began crossing into the United States on Thursday to bring aid to victims of Hurricane Katrina.
Carrying water treatment plants and mobile kitchens that can feed 7,000 people daily, the convoy bound for San Antonio is the first Mexican military unit to operate on U.S. soil since 1846.
The first green tractor-trailers, with Mexican flags attached to the tops of their cabs, crossed the international bridge at Laredo at about 8:15 a.m. The rest of the 45-vehicle convoy was in a staging area on the U.S. side in about 15
New Orleans jazz quartet tours Mexico as thanks for Katrina help
A New Orleans jazz quartet is saying thanks with a song.
The Tim Laughlin Quartet is on tour in Mexico this week, offering concerts in six cities to thank the government and the people of Mexico for their support during the deadly storm.
After Hurricane Katrina, Mexican President Vicente Fox urged Mexicans to donate to the relief effort. He also sent an army unit to Texas and a navy ship to Louisiana with aid – the first time in more than 150 years that a Mexican military unit was allowed to
Mexicos Alfa buys Bancomers Onexa stake for $51 mln
Mexican conglomerate Alfa SA (ALFA.MX) said Monday it bought the 49% of its telecommunications unit Onexa that was owned by financial group BBVA-Bancomer for $51 million.
Onexa is a joint-venture partner with AT&T Corp. (T) in telephone company Alestra. Onexa holds 51% of Alestra and AT&T owns 49%. BBVA-Bancomer is the Mexican unit of Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBV).
Alfa said that increasing its stake in Onexa to 100% will give the company more flexibility in taking strategic decisions with its telecommunications investment.
Alestra, with annual sales of $400
Current Technology Reports Further Mexico City Expansion
The following was issued today by Robert Kramer, Director, Current Technology
Corporation (OTC Bulletin Board: CRTCF):
Current Technology Corporation reports that its exclusive distributor for
Mexico, Current Image Technology S.A. de C.V. ("CIT"), is adding a second ETG
(ElectroTrichoGenesis) Treatment Device to its newly opened location in Mexico
City. Situated in an historical building in the upscale San Angel district of
the capital city, the new location complements the successful three unit
flagship ETG Center located in the Polanco district.
"We are pleased to complete the purchase of a second ETG Device for San
Angel,"
