Spain's Esteve buys Mexican facility from GlaxoSmithKline

Spanish pharmaceuticals group Esteve has acquired a manufacturing plantin Mexico from Glaxo SmithKline for 3 million euros ($2.6 million) and is to invest a similar amount in its modernization. The sale was completed via Esteve's Mexican subsidiary, Sintenovo, which operates what was up to now the firm's sole plant in Latin America, at Naucalpande Juarez.

The new facility is located at Civac and produces US Food and Drug Administration-approved active ingredients for drugs. Sintenovo increased sales last year 53% to 7.6 million euros, and notes that additional output from the new plant should boost turnover to 24 million euros by 2006.