BASF sells its Shreveport site and related contract manufacturing business to Dr. Reddy's Laboratories

05-May-2008

BASF announced that it has signed a definitive agreement to sell its manufacturing facility in Shreveport, Louisiana and the related contract manufacturing business for finished pharmaceuticals to Dr. Reddy's laboratories, an international pharmaceutical company headquartered in Hyderabad, Andhra Pradesh, India. Both parties agreed not to disclose financial details of the transaction.

As part of the agreement, approximately 150 employees will transfer from BASF to Dr. Reddy's Laboratories. The 42-acre Shreveport facility currently manufactures and packages prescription and over-the-counter (OTC) pharmaceutical products, liquids, tablets and creams for the North American market. BASF is divesting the site and related business in order to concentrate on core businesses in its Care Chemicals division, which include custom synthesis services, excipients and active ingredients for the pharmaceuticals industry.

"BASF's contract manufacturing activity for finished pharmaceuticals is limited to North America and not linked to the technological growth areas of the company's Pharma Ingredients and Services business. We want to continue to grow our excipients and custom synthesis operations to better serve the pharmaceutical industry in the future," said Martin Widmann, Head of BASF's Pharma Ingredients and Services global business unit. "We assessed a variety of strategic options, but ultimately concluded that a divestiture is the best scenario not only for BASF but also for the future of the Shreveport site and its employees."

https://www.chemeurope.com/en/news/81585/basf-sells-its-shreveport-site-and-related-contract-manufacturing-business-to-dr-reddy-s-laboratories.html