Divestment of Meda's manufacturing unit Euromed in Spain completed
Sweden’s Meda AB (STO: MEDAA) said today it has completed the divestment of the manufacturing unit Euromed in Spain to the Riverside Company.
The total consideration is 82 million euros (89.5 million) in upfront cash for the shares of Euromed. The unit generates sales of around 40 million euros and an EBITDA margin of around 20% on an annual basis.
Euromed is a business-to-business manufacturer of herbal extracts and natural active substances located in Spain. It is a legacy Rottapharm subsidiary, now part of Meda, and has historically been the supplier of the key Legalon API. Meda and Riverside entered into a favorable long-term strategic supply arrangement with fixed prices for a considerable time. In addition to the Legalon API, Euromed currently supplies high quality products to over 350 customers worldwide accounting for around 70% of its sales.
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