Ranbaxy to sell Ireland unit

Ranbaxy Laboratories Ltd on Thursday said it will sell off its manufacturing unit in Ireland as it consolidates production activity for Europe and the CIS countries, at the plant of recently acquired Terapia in Romania.

"The company has decided to divest the manufacturing facility of Ranbaxy Ireland Ltd located in Cashel, Ireland, as a going concern," a statement by Ranbaxy said.

Explaining the reasons for the move to sell its Ireland unit, which has been used as a tablet formulation facility, the company said there were significant efficiencies to be gained from consolidating the company's European operation in Romania.

"This is consistent with the company's strategy to make Romania the strategic hub for markets in Europe and the Commonwealth of Independent States," it added.

When contacted company officials declined to divulge further details but said the whole plant in Ireland has been put up for sale.