Sandoz set to inject 7m euros into Mureș drug plants

Sandoz pharmaceutical company, which owns two production facilities in Târgu Mureș, will invest 7m euros in its Romanian plants next year, after this year’s investment budget amounted to 10m RON (2.3m euros).

“We’re making further investments despite the recession to achieve a strong position when the crisis fades away. At present, our plans, which have been submitted to European executives for approval entail capital investments. Our shareholder (Sandoz is part of Novartis i.e.) has already operated a 70m RON (16.7m euros) capital increase in October to secure the funds to carry out these investments in the following years,” said Akos Balogh, CFO of Sandoz Pharma Services SRL.
For 2010, the company has budgeted sales worth almost 300m RON (71.4m euros) and its turnover topped 200m euros after the first nine months.
“Sales advanced at a two-digit pace, as we expanded our market share, and the market is also rising, but is starting from a very low base,” Balogh added.
The company’s drug exports amounted to 30m RON (7.1m euros) in the first three quarters, up 5%.