BILLERICA, Mass.--(BUSINESS WIRE)--Millipore Corporation (NYSE:MIL - News), a leading provider of technologies, tools and services for the global life science industry, today announced it has acquired the remaining 60 percent ownership of its joint-venture in India, Millipore India Pvt. Ltd. The new subsidiary will enable Millipore to invest in initiatives that will drive growth and expand its leadership in India’s thriving life science market.
“India has experienced unprecedented levels of investment and expansion in the country’s biotechnology, pharmaceutical, and life science research industries,” said Martin Madaus, Chairman & CEO of Millipore. “By establishing direct operations in the country, we will be able to more effectively execute our strategy and leverage our unique capabilities to accelerate growth and support our growing customer base in this dynamic market.”
India represents a critical part of Millipore’s strategy to increase its growth by expanding its presence in B.R.I.C.S. (Brazil, Russia, India, China and Singapore) countries. Today, there are more than 80 plants in India approved by the United States Food and Drug Administration to manufacture drugs and the country accounts for almost 25 percent of the global generic drug market. Additionally, the Indian government has invested $1.7 billion to grow the country’s life science and biotechnology industries and several Indian companies have emerged as global competitors in the biopharmaceutical industry.
Based in Bangalore, Millipore India is primarily a sales, service, and manufacturing organization that currently employs approximately 300 people and has additional offices in Ahmedabad, Hyderabad, Kolkata, Mumbai, and Delhi. The joint venture’s revenues are split evenly between Millipore’s Bioprocess and Bioscience divisions.
The acquisition will have minimal impact on Millipore’s 2009 earnings per share but is expected to be accretive in future years due to the elimination of the non-controlling interest. The transaction will not affect Millipore’s reported revenues and operating costs since the joint venture has been consolidated into Millipore’s financial statements since 2006.
About Millipore
Millipore (NYSE: MIL - News) is a life science leader providing cutting-edge technologies, tools, and services for bioscience research and biopharmaceutical manufacturing. As a strategic partner, we collaborate with customers to confront the world’s challenging human health issues. From research to development to production, our scientific expertise and innovative solutions help customers tackle their most complex problems and achieve their goals. Millipore Corporation is an S&P 500 company with more than 5,900 employees in 30 countries worldwide. For more information visit www.millipore.com
Advancing Life Science Together®
Research. Development. Production.
Forward Looking Statements:
The matters discussed herein, as well as in future oral and written statements by management of Millipore Corporation that are forward-looking statements, are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements.
Potential risks and uncertainties that could affect Millipore’s future operating results include, without limitation, failure to achieve design wins into our pharmaceutical and biotechnology customers’ manufacturing design phase for a particular drug; delay, suspension or termination of a customer’s volume production; lack of availability of raw materials or component products on a timely basis; regulatory delay in the approval of customers’ therapeutics; limitations on cash flow available for operations and investment due to increased debt service obligations; the inability to establish and maintain necessary product and process quality levels; reduced demand for animal-derived cell culture products; the inability to realize the expected benefits of development, marketing, licensing and other alliances; competitive factors such as new membrane or chromatography technology; the inability to achieve anticipated cost benefits of our supply chain initiatives; risks relating to our concentration of principal manufacturing operations; the inability to utilize technology in current or planned products due to overriding rights by third parties; potential environmental liabilities; conditions in the economy in general and in the bioscience and bioprocess markets in particular; foreign exchange fluctuations; reduced private and government research funding; exposure to product liability claims; and difficulties inherent in transferring or outsourcing of manufacturing operations. Please refer to our filings with the SEC, including our most recent Annual Report on Form 10-K, for more information on these and other risks that could cause actual results to differ.
Contact:
Millipore Corporation Joshua Young, 978-715-1527 or 800-225-3384 Director, Investor Relations joshua_young@millipore.com or Millipore Corporation Karen Hall, 978-715–1567 Director, Corporate Communications karen_hall@millipore.com
