Millipore Acquires Remaining Ownership of India JV
Company believes that direct operations in the country will enable it to more effectively execute its strategy.
Millipore has acquired the remaining 60% ownership of its joint venture in India—Millipore India Pvt. Ltd. The company reports that the new subsidiary will enable it to invest in initiatives that will drive growth and expand its leadership in India’s thriving life science market.
“India has experienced unprecedented levels of investment and expansion in the country’s biotechnology, pharmaceutical, and life science research industries,” says Martin Madaus, chairman and CEO of Millipore. “By establishing direct operations in the country, we will be able to more effectively execute our strategy and leverage our unique capabilities to accelerate growth and support our growing customer base in this dynamic market.”
Based in Bangalore, Millipore India is primarily a sales, service, and manufacturing organization that currently employs approximately 300 people and has additional offices in Ahmedabad, Hyderabad, Kolkata, Mumbai, and Delhi. The joint venture’s revenues are split evenly between Millipore’s bioprocess and bioscience divisions.
The acquisition will have minimal impact on Millipore’s 2009 earnings per share but is expected to be accretive in future years due to the elimination of the noncontrolling interest. The transaction will not affect Millipore’s reported revenues and operating costs since the joint venture has been consolidated into Millipore’s financial statements since 2006.