1st Oct 2014 06:35
LONDON (Alliance News) - UDG Healthcare PLC said Wednesday it has formed a new joint venture with its Japanese partner CMIC Holdings Co Ltd, to be called CMIC Ashfield, in order to service the Japanese contract sales organisation market.
UDG will acquire a 49.9% stake in CMIC MPSS from CMIC Holdings to form the new venture with its Ashfield business in Japan. These two businesses have been working together in a partnership since Autumn 2012, UDG said.
The partnership has been "very successful to date", UDG said, seeing strong growth and moving to profit ahead of schedule in the first half of 2014.
The company said that the joint venture further strengthens its contract sales organisation in Japan, and is in line with its strategy of expanding in growth markets.
"Our partnership with CMIC in the Japanese market has already delivered excellent results and has far exceeded our initial expectations," said Chief Executive Liam FitzGerald in a statement. "With our combined resources and expertise, we look forward to fully developing a market leading contract sales business in Japan providing evidence-based solutions for the healthcare industry."
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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