BASF sells Shreveport site to Dr Reddy's

Global chemicals giant Germany-based BASF has signed a definitive agreement to sell its manufacturing facility in Shreveport, Louisiana, USA, and the related contract manufacturing business for finished pharmaceuticals to Dr Reddy's Laboratories, an international pharmaceutical company headquartered in Hyderabad, Andhra Pradesh, India. Both parties agreed not to disclose financial details of the transaction, which is expected to close April 30.

As part of the deal, around 150 employees will transfer from BASF to Dr Reddy's. The 42-acre Shreveport facility currently manufactures and packages prescription and over-the-counter pharmaceutical products, liquids, tablets and creams for the North American market. BASF is divesting the site and related business in order to concentrate on core businesses in its Care Chemicals division, which include custom synthesis services, excipients and active ingredients for the pharmaceuticals industry.