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BELGRADE (Serbia), April 20 (SeeNews) - German pharmaceutical company Stada Group has said it plans to keep investing in the Serbian factory of its local subsidiary Hemofarm after it gets acquired by private equity firms Bain Capital and Cinven Partners.
New investment in production is expected not only in the factory in Vrsac, in northern Serbia, where Hemofarm is based, but also in the entire region, the managing director of Stada, Matthias Wiedenfels, said in a video file posted on the website of public broadcaster Radio Televizija Srbije (RTS) on Thursday.
"It is very important that today the management can promise that nothing will be changed in the company. There will be no downsizing and that is the important message I want to convey to employees," Wiedenfels said.
In the region of Southeastern Europe, Hemofarm also operates pharmaceutical factories in Bosnia and Montenegro.
Stada, which took over Hemofarm in 2006, has so far invested more than 200 million euro in the modernisation of equipment and production facilities of the Serbian company, as well as training of workers.
Last week, Stada said it has approved a 5.318 billion euro ($5.72 billion) takeover bid by Bain Capital and Cinven, or 66 euro per share.
Under the terms of the investor agreement signed by Stada, Bain Capital and Cinven commit themselves to extensive protection provisions for the employees, production sites and the corporate strategy.
Among other things, a contractual agreement was reached to the effect that Bain Capital and Cinven would strengthen Stada’s position as a globally active pharmaceutical company, support its growth strategy and thus contribute to a long-term increase in the company’s value.
($ = 0.929694 euro)