Teva VP Ika Abravanel resigns
Joint venture PGT Healthcare will produce consumer health and over-the-counter products at the Gujarat factory.
PGT Healthcare, the joint venture of Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) and Procter & Gamble Co. (NYSE: PG), will set up a plant in India to produce consumer health and over-the-counter products, at an investment of 5 billion rupees ($89 million). The plant will produce for both the Indian domestic market and for export.
The plant in Sanand, Gujarat, will produce inhalers, throat drops and cough syrups under P&G's Vicks brand. PGT Healthcare's initial investment will be 2.5 billion rupees.
State of Gujarat’s Commissioner for Food and Drug Control Administration H G Kohsia said, “A four-member delegation led by Teva VP corporate quality Karin Baer met us and sought details of setting up a facility to manufacture OTC products like cough syrups, inhalers, among others." The delegation's other members were Teva Assistant VP Rajiv Palliwal, Senior Director OTC Operations Haresh Gill, and Seema Sundereshan, a senior scientist from P&G.
Kohsia added that the proposed facility would have state-of-the-art equipment and adhere to good manufacturing practices norms to make products both for Indian and overseas market. It will initially hire 500 people, which could rise to 1,000.
India's "Business Standard" quotes Gujarat officials as saying that a formal announcement is likely to be made after the signing of a memorandum of understanding with the state government during the Vibrant Gujarat Global Summit-2013 scheduled for January next year.
Published by Globes [online], Israel business news - www.globes-online.com - on July 26, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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Abravanel's is the first senior departure from Teva since Erez Vigodman became CEO.
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