Gedeon-Richter chosen as investor for Polfa Grodzisk

Gedeon-Richter, a Hungarian pharmaceutical concern has been chosen as an investor in Polfa Grodzisk. According to information from the Treasury Ministry, the privatization contract will be signed within the next few weeks. Currently final details are being discussed on future investment plans and social benefits. Over the last few years the state has invested in Polfa Grodzisk almost $30 million. The management wants the new investor to take over the modern plant, which can compete with other companies in the market. Polfa has spent $20 million on the construction of a new factory, which produces finished medicines. Investments in environment protection totalled $6 million to $7 million, while $2 million was spent on quality control and laboratories. The money from privatization will be spent on the production of new drugs, marketing and gaining entry into new markets. Grodzisk is one of five state owned pharmaceutical plants besides Pabianice, Warszawa, Lublin and Tarchomin, with 2001 sales of zl. 144 million and a net profit of zl. 7.6 million. Gedeon-Richter is one of the biggest pharma ceutical companies in Central and Eastern Europe with sales of $309 million, and an operational profit exceeding $ 76 million in 2001.(Rzeczpospolita, p. B4) P.W.