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Buyer found for Pfizer's Cork plant

Hovione, an international manufacturer of active pharmaceutical ingredients (APIs), has announced it is to buy Pfizer's Loughbeg site in Cork

Hovione, an international manufacturer of active pharmaceutical ingredients (APIs), has announced it is to buy Pfizer's Loughbeg site in Cork.

Hovione will employ between 70 and 80 staff at the Irish plant, leading to redundancies for several of the remainder of the 232 staff currently employed at the site.

"We have worked determinedly over the past 20 months to sell the Loughbeg API plant in order that our colleagues would be able to continue working here," said Paul Duffy Pfizer's vice president of manufacturing for Ireland and Singapore. "While we have been successful in preserving 70 to 80 positions and while some colleagues will opt for voluntary severance, unfortunately there will not be positions for all currently employed at the site and there will be some enforced redundancies."

Hovione will continue to provide manufacturing services for Pfizer as well as transferring products from its site in Loures, Portugal. The deal is scheduled to be complete by April 2009.

"We made clinical trial materials for over 40 drug candidates last year. We have been investing heavily in R&D for over six years and now have a strong development pipeline," said Miguel Calado, CFO at Hovione. "This site offers everything that our customers might want: large scale capacity, the highest standards, and in a location where tax benefits are available to them, along with a well trained, innovative workforce." 

17th December 2008

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