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União Química buys Bayer’s plant in São Paulo

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Brazilian pharmaceutical company União Química has concluded the purchase of the plant and nine contraceptives from Bayer for $112 million. CEO Fernando De Castro Marques said União should take over the unit, located in the city of São Paulo, at the beginning of next year."We had the deal approved by [antitrust regulator] Cade without restrictions. Now, we will make the payment and complete all the systems upgrade," said the executive.He said part of the funds will come from a bond issuance and the remainder from the company’s cash reserves. "We have made foreign exchange hedge. With this, the value of the investment in reais should be around R$582.4 million, based on a rate of R$5.2 to the dollar."The plant, which occupies an area of 15,000 square meters, produces female hormones, such as contraceptives and hormone replacement pills, and has a production capacity of approximately 70 million blister packs per year. Currently, it is occupying 60% of the installed capacity.União Química’s plan is to increase this portion of utilization gradually by transferring products to the unit. "Today, the plant operates in two shifts. We can open one more shift and double production."Mr. Castro Marques...

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