Solvay Pharmaceuticals acquires Italmex in Mexico
Solvay Pharmaceuticals announced the acquisition of the pharmaceutical company ITALMEX in Mexico City. The acquisition marks Solvay Pharmaceuticals' expansion in the Latin American markets and into this most important country, where 40% of all Latin American pharmaceutical sales are realized. This is in line with the Group's growth strategy for the region and follows the acquisition in 2000 of a company in Brazil (SINTOFARMA now SOLVAY FARMA). Up to now Solvay Pharmaceuticals had only been indirectly active in Mexico.
ITALMEX, a privately held company, had net sales of around USD 21 million in 2003 and ranks number 48 by sales among pharmaceutical companies in Mexico. The company was until now privately owned. The acquisition of ITALMEX fits the main therapeutic areas of Solvay Pharmaceuticals, i.e. gastroenterology, cardiology, mental health and male and female health. ITALMEX, founded in 1932, employs almost 400 people including a substantial sales force covering the whole of Mexico.
Jürgen Wessolowski, Senior Vice President for Operations, says: "The great improvements to the economic stability in Mexico over the last 10 years and its membership of the North American Free Trade Agreement have increased our determination to be present there. This acquisition strengthens our presence in Mexico and allows us to accelerate our growth in this important market, today the ninth largest in the world. We can now add our leading pharmaceutical products to ITALMEX' product range and become an important player".
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