The purpose of the new facility is to expand Aceto's capabilities in servicing the global pharmaceutical industry by establishing Indian headquarters, which will house state-of-the-art pharmaceutical quality control, quality assurance and analytical laboratories, and will also serve as the Company's Indian logistics center. This facility will also supply quality and analytical services in support of other Aceto operations worldwide.
Aceto plans to expand its current Indian sourcing and regulatory staff of 10 to include graduate-level analytical chemists and pharmacologists.
Additionally, the Company formed Aceto Pharma Corp., a wholly-owned subsidiary, to market finished dosage form pharmaceuticals, both chemical and biopharmaceutical, under its own brand.
Leonard S. Schwartz, Chairman, CEO and President of Aceto, stated, "One of the cornerstones of Aceto's strategic growth plan involves the development of our pharmaceutical business to include marketing finished dosage forms under the Aceto brand, directly into distribution channels. We believe this addition to our existing business will enhance the growth of the Company's activities across the entire pharmaceutical industry. This business, as it develops, will supplement our existing pharmaceutical businesses, which include the distribution of APIs (active pharmaceutical ingredients), biopharmaceuticals, pharmaceutical intermediates, nutritionals and diagnostics. In this regard, we believe it is vital to create more in-house capabilities and enhance our Indian presence, similar to what we have done in China. The expansion of our Chinese operations has been highly successful, giving the Company a much greater presence in the burgeoning Chinese pharmaceutical and chemical industries. We believe our strategy is very forward-looking for a distribution company."
ABOUT ACETO
Aceto Corporation, which was incorporated in 1947, is a global leader in the distribution and marketing of biopharmaceuticals, chemically-derived pharmaceuticals, agrochemicals and specialty chemicals used principally as raw materials in the agricultural, color, pharmaceutical, surface coating/ink and general chemical consuming industries. With offices in ten countries, Aceto Corporation distributes over 1,000 chemicals in these and other fields.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this press release include, but are not limited to the purchase or development of a facility near Mumbai, India, expansion of Indian staff, and expansion of operations and capabilities in India. All forward-looking statements in this press release are made as of the date hereof, and the Company assumes no obligation to update these forward-looking statements whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. These uncertainties include, but are not limited to, the mix of products sold and the profit margins thereon, order cancellation or a reduction in orders from customers, competitive product offerings and pricing actions, the availability and pricing of key raw materials, dependence on key members of management, risk of entering into new European markets, continued successful integration of acquisitions, economic and political conditions in the United States and abroad, as well as other risks detailed in the Company's SEC reports, including the Company's Form 10-K and other filings. Copies of these filings are available at www.sec.gov.
Contact: Aceto Corporation Leonard S. Schwartz or Douglas Roth, 516-627-6000 www.aceto.com or The Equity Group Inc. Investor Relations Counsel: Lauren Till, 212-836-9610 LTill@equityny.com www.theequitygroup.com
Source: Aceto Corporation
