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Metformin Maker Vistin Pharma to Cut Jobs in Cost-Saving Plan



12/5/2016 6:24:14 AM

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Vistin Pharma Announces Cost Savings Plan Of NOK 20-30 Million On An Annualised Basis

Oslo, Norway, 5 December 2016: Norwegian pharmaceutical company Vistin Pharma today announced a cost savings plan to improve the Company's competitiveness within tablet manufacturing. The plan includes a staff reduction of 20-25 full-time employees at the Company's tablet manufacturing facility, and upon completion in early 2018 will result in annualised cost savings in the range of NOK 20-30 million. These cost savings are believed to be necessary for the Company to be able to offer competitive prices for tablet manufacturing going forward. Vistin Pharma's target is to increase its production capacity from today's level of 750 million tablets by at least 50 per cent via the ongoing operational excellence program.

"Vistin Pharma's goal is to grow our tablet production volume in a competitive global market. To achieve this, we need to continuously improve our competitiveness. Throughout 2016, we have conducted an operational excellence programme at our plant in Kragerø. This process has identified several measures we could enact to increase operational efficiency, which will affect 20-25 full-time positions," said Kjell-Erik Nordby, CEO of Vistin Pharma.

The cost savings program is scheduled for completion in early 2018. Potential provisions related to the reduction in the number of employees may affect the 2016 financial results for Vistin Pharma.

"We regret to have to reduce the number of employees, but believe this is necessary to ensure that the production activity in Kragerø is sustainable long-term," said Nordby.

For further information, please contact:

Kjell-Erik Nordby
CEO
+47 91 36 42 80
kjell-erik.nordby@vistin.com

Gunnar Manum
CFO
+47 95 17 91 90
gunnar.manum@vistin.com

About Vistin Pharma

Vistin Pharma is a Norwegian pharmaceutical company producing Active Pharmaceutical Ingredients (APIs) and solid dosage forms for the global pharmaceutical industry. The Company has key positions in the Metformin and Opioids markets, and a strong foundation for creating a highly efficient Contract Manufacturing tablet production (CMO) business. Solid growth potentials exist in all the business segments.

With more than 65 years of pharmaceutical industry experience, Vistin Pharma has built significant capacity and expertise as an API provider. The Company has more than 140 highly qualified employees and two manufacturing facilities in Kragerø, Norway. Both facilities are certified according to current Good Manufacturing Practice (cGMP) and successfully inspected by the US Food and Drug Administration (FDA) in 2014. Vistin Pharma's headquarter is in Oslo, Norway.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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