Taro Pharmaceutical Industries (Nasdaq: TARO) announced today that its US affiliate had expanded its distribution capacity with the purchase of a distribution center in South Brunswick, New Jersey, for $18 million.
In conjunction with buying the 29,000-sq.m. facility, Taro expects to receive financial incentives from the New Jersey Economic Development Authority.
Taro currently has research, production, and distribution activities in Israel, Canada, and the US. The company also recently acquired a facility in Ireland.
Taro completed the placement of $50 million in non-negotiable bonds for institutional investors a month ago. In May, Taro, which is traded at a market cap of $2 billion, raised $60 million in a bond placement for institutional investors.
Taro has posted 11% quarterly growth in recent quarters, and the company again reported record sales and profits in the third quarter of 2003. Taro posted a net profit of $15.7 million, or $0.53 per share, on $83.1 million in revenue in the third quarter, compared with a profit of $14.8 million, or $0.50 per share, on $74.8 million in revenue in the preceding quarter.
Published by Globes [online] - www.globes.co.il - on January 8, 2004