Bulgaria’s Huvepharma to Get Three Plants in U.S. from Zoetis in USD 40M DealIndustry | December 23, 2015, Wednesday // 18:31| views
Photo credit: huvepharma.com
U.S.-based animal health company Zoetis has said it will offload three manufacturing plants in the country to Bulgaria-headquartered Huvepharma for USD 40M and undisclosed “additional considerations” as part of a cost-cutting programme.
Zoetis said in a filing with the U.S. Securities and Echange Commission on Tuesday that it had signed an agreement with Huvepharma for the divestment of its manufacturing sites in Laurinburg, North Carolina, and Longmont, Colorado.
Under the deal, Huvepharma will also assume the assets and operations and - subject to approval from the lessor - the lease of a Zoetis manufacturing and distribution operation in Van Buren, Arkansas, according to the filing.
Huvepharma will also acquire a portfolio of products, most of which are associated with the three plants. These products include medicated feed additives, water soluble therapeutics and nutritionals for livestock sold in the United States and international markets.
The deal is expected to close in the first quarter of 2016, Zoetis said.