IMA has bought the other 50% of the Edwards Tianli Pharmaceutical Systems JV.
IMA, world leader in the production of automatic packaging machines for the pharmaceutical and tea
industries, has reached an agreement with its Chinese partner to buy the other 50% of the Edwards Tianli Pharmaceutical Systems Co.Ltd joint-venture, which is based in Beijing and operates in the production of freeze-drying machinery for the pharmaceutical industry.
This operation follows the recent acquisition of the freeze-drying machinery business of the BOC Edwards Pharmaceutical Systems Group, undisputed leader in this sector based in the USA, along with 50% of the shares in the Edwards Tianli Pharmaceutical Systems Co. Ltd. joint-venture.
The price agreed the purchase of the other 50% of the Edwards Tianli Pharmaceutical Systems Co. Ltd. joint-venture comes to 9 million Euros, which will all be paid at the closing date, expected to take place
in the first few months of 2008.
This figure also includes a 4-year no-competition agreement signed by the owner of the quota. At the end of this operation, IMA will own 100% of the joint venture, which in 2007 acheived a turnover of around 10 million euros and operating profit of 1.8 million euros.
This acquisition further reinforces IMA industrial presence in China and continues the policy that the Group has been pursuing in this market with great consistency for more than a decade.
