Ludwigshafen, Germany - Indian pharmaceuticals company Dr. Reddy's Laboratories bought on Wednesday a BASF factory site at Shreveport, Louisiana, the world's biggest chemicals group said in Germany. BASF said that by agreement the price for the US site was confidential. The buyer, based in Hyderabad, India, is to take over about 150 BASF employees as well as contracts to manufacture finished drugs for other vendors.
Ludwigshafen-based BASF said terms had already been settled, with closure expected Wednesday.
The announcement quoted Satish Reddy, chief of Dr. Reddy9s Laboratories, saying the acquisition would provide access to strong customer relationships with branded and generic companies.
BASF said its care-chemicals division had disposed of the 16- hectare Shreveport site so it could concentrate on its core business, supplying active agents and secondary chemicals to the pharmaceutical industry.
"BASF's contract manufacturing activity for finished pharmaceuticals is limited to North America and not linked to the technological growth areas of the company's pharma ingredients and services business," the announcement said.
The site at Shreveport manufactures and packages prescription and over-the-counter (OTC) pharmaceutical products, liquids, tablets and creams for the North American market.
