AP NEWS
Related topics

Teva to Buy Honeywell Unit

May 21, 2002

%mlink(STRY:; PHOTO:; AUDIO:%)

NEW YORK (AP) _ Teva Pharmaceutical Industries Ltd. said Tuesday it agreed to acquire Honeywell International Inc.’s Honeywell Pharmaceutical Fine Chemicals S.R.L. unit.

Terms were not disclosed.

Teva said it expects to complete the purchase of the Italian company next month.

Honeywell Pharmaceutical, which produces active pharmaceutical ingredients, reported sales of $55 million in 2001.

The company has two factories in Northern Italy that operate with Food and Drug Administration approval. The company, which employs about 200 people, also has a sales office in Northern Italy.

Jerusalem-based Teva plans to fold the facilities into its existing active-pharmaceutical ingredient, or API, factories in the area.

Teva manufacturers API products in Israel, Italy, Hungary and the United States.

``The acquisition fits very well with our API activity, which provides strategic depth to our overall generic business and further enhances Teva’s global leadership in generic pharmaceuticals,″ president and chief executive Israel Makov said.

Teva Pharmaceutical had 2001 revenue of $2.08 billion.

Honeywell International, of Morris Township, N.J., has annual revenue of $23.65 billion.

AP RADIO
Update hourly