17th Aug 2007 11:27
United Drug PLC17 August 2007 UNITED DRUG ACQUIRES DUTCH BASED PHARMACEUTICAL CONTRACT PACKAGING BUSINESS Dublin and London - 17 August, 2007: United Drug plc, a leading provider ofservices to healthcare manufacturers and pharmaceutical retailers in Ireland,the UK and Continental Europe, today announced that it has acquired the entireissued share capital of the Pharma Logistics Investments (PLI) group ofcompanies, based in Heerenveen in Northern Holland. PLI is a specialised contract packaging company focused on packaging andproduction services primarily for generic pharmaceuticals and healthcareproducts. The company also provide a broad range of services to a number ofinternational manufacturers throughout Europe. The business currently employs125 people, including senior management, all of whom will remain with thebusiness. The consideration for the acquisition is €15.4 million in cash, payable oncompletion, plus additional consideration of up to €5.5 million payable based onachievement of agreed targets over the next 3 years. Speaking about the Company's acquisition today, United Drug's Chief Executive,Liam FitzGerald said: "We are delighted to announce the acquisition of PLI. It significantly enhances our contract packaging capabilities and is a further implementation of our strategy to build an international pharmaceutical and healthcare services company providing services that add value to our pharmaceutical and healthcare manufacturer customer base. "PLI is an established high quality growth business operating in Europe with very professional management and we have committed to invest further in the business to facilitate its future growth. PLI also complements our existing packaging businesses, Budelpack in Belgium and TD Packaging in the UK and expands our geographic reach in contract packaging". ENDS. Friday, 17th August 2007 For reference: Liam FitzGerald Pauline McAlester/Robert MarshallUnited Drug plc Murray ConsultantsTel: +353-1-4598877 Tel: +353-1-4980300 Investors and AnalystsMark Kenny/Jonathan NeilanK Capital Source Tel: +353-1-6315500 About United Drug plc United Drug is a leading provider of services to healthcare manufacturers andpharmaceutical retailers in Ireland, the UK and Continental Europe. It is thelargest pharmaceutical wholesaler in the island of Ireland. UD is also themarket leader in contract distribution outsourcing (pre-wholesaling) in Irelandand has achieved the No. 1 position in the UK through its joint venture businessUniDrug Distribution (UDG). In addition to contract distribution services for pharma manufacturers, UnitedDrug provides contract distribution, sales & marketing and technical services toMedical & Scientific equipment & consumable manufacturers, with a market leadingposition in Ireland and an emerging presence in the UK. United Drug is also a leading provider of contract sales outsourcing services topharmaceutical manufacturers in the UK and Ireland. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
UDG.L