Faulding Takes Over US Operations
Australian company F H Faulding has assumed full control of its USoperations after a $128 million buyout of the remaining 29% of the unit was approved by US shareholders. Faulding chief executive Ed Tweddell said the company would now benefit from 100% of the profits of the US business.
Dr Tweddell added that "the buyout was an important step in extracting synergies from business units around the world." Faulding will pay $13.50 per share for the 29% stake in Faulding Inc, valuing the outstanding stake at $84.3 million. Faulding Inc produced a break-even result in 1996-97, after gaining 13 approvals for new products and medical devices.
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