Transaction will accelerate strategic growth initiatives in
attractive Indian life science market
Billerica, Massachusetts—November 23, 2009 —
Millipore Corporation (NYSE:MIL), a leading provider of technologies, tools
and services for the global life science industry, today announced
it has acquired the remaining 60 percent ownership of its
joint-venture in India, Millipore India Pvt. Ltd. The new
subsidiary will enable Millipore to invest in initiatives that will
drive growth and expand its leadership in India’s thriving
life science market.
“India has experienced unprecedented
levels of investment and expansion in the country’s
biotechnology, pharmaceutical, and life science research
industries,” said Martin Madaus, Chairman & CEO of
Millipore. “By establishing direct operations in the country,
we will be able to more effectively execute our strategy and
leverage our unique capabilities to accelerate growth and support
our growing customer base in this dynamic
market.”
India represents a critical part of
Millipore’s strategy to increase its growth by expanding its
presence in B.R.I.C.S. (Brazil, Russia, India, China and Singapore)
countries. Today, there are more than 80 plants in India approved
by the United States Food and Drug Administration to manufacture
drugs and the country accounts for almost 25 percent of the global
generic drug market. Additionally, the Indian government has
invested $1.7 billion to grow the country’s life science and
biotechnology industries and several Indian companies have emerged
as global competitors in the biopharmaceutical
industry.
Based in Bangalore, Millipore India is primarily
a sales, service, and manufacturing organization that currently
employs approximately 300 people and has additional offices in
Ahmedabad, Hyderabad, Kolkata, Mumbai, and Delhi. The joint
venture’s revenues are split evenly between Millipore’s
Bioprocess and Bioscience divisions.
The acquisition will have minimal impact on
Millipore’s 2009 earnings per share but is expected to be
accretive in future years due to the elimination of the
non-controlling interest. The transaction will not affect
Millipore’s reported revenues and operating costs since the
joint venture has been consolidated into Millipore’s
financial statements since 2006
About Millipore
Millipore (NYSE: MIL) is a Life Science leader
providing cutting-edge technologies, tools, and services for
bioscience research and biopharmaceutical manufacturing. As a
strategic partner, we collaborate with customers to confront the
world’s challenging human health issues. From research to
development to production, our scientific expertise and innovative
solutions help customers tackle their most complex problems and
achieve their goals. Millipore Corporation is an S&P 500
company with more than 5,900 employees worldwide. For more
information, please contact Millipore Tech Service at
1-800-548-7853 or 951-676-8080 or visit www.millipore.com.
ADVANCING LIFE SCIENCE TOGETHER®
Research. Development. Production.
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