REORGANIZATION AT HOECHST ITALIA

Hoechst Italia is to undertake a major reorganization which will include spinning off its pharmaceutical operations while it is looking to improve results for 1994, reports the Marketletter's local correspondent.

Managing director Hans Udo Wenzel told the press the move is meant to turn the Italian offshoot of the German group into "a tight group of fast ships rather than a tanker with scarce steering capability."

The restructuring effort should be completed by year-end and is centered on the spin-off of the pharmaceutical operations, which achieved around 439 billion lire ($271 million) worth of sales last year. Hoechst Italian pharmaceutical operations, including the subsidiaries Istituto Behring and Milanfarma, will be incorporated into Roussel Italia SpA, which posted turnover of 200 billion lire in 1993.