Millipore buys out Indian joint venture

November 23, 2009 by MassDevice staff

Millipore Corp. (NYSE:MIL) bought out the remaining 60 percent stake in its Indian subsidiary for an undisclosed amount.

The Billerica, Mass.-based lab instruments maker said the deal is part of its push into developing markets in Brazil, Russia, India, China and Singapore. Citing the more than 80 plants in India with U.S. Food & Drug Administration clearance to manufacture pharmaceuticals, Millipore said the country makes 25 percent of the world's generic drugs.

Millipore said its Indian subsidiary, Millipore India Pvt. Ltd., based in Bangalore, is largely a sales, service and manufacturing operation with roughly 300 employees. The segment also has operations in Ahmedabad, Hyderabad, Kolkata, Mumbai and Delhi.

Millipore posted $412 million in third-quarter sales, compared to $395 million for the same period last year, good enough to boost its bottom line about 4 percent. The company reported net income of $40 million, compared to $38 million for the same period last year.

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