PAHC Phibro Animal S

    RNS Number : 9644F
  Phibro Animal Health Corporation
  16 October 2008
   

    For release: IMMEDIATE                                                                                  16 October 2008



    PHIBRO ANIMAL HEALTH CORPORATION AGREES TO ACQUIRE ABIC ANIMAL HEALTH BUSINESS


    RIDGEFIELD PARK, New Jersey, 16 October 2008 - Phibro Animal Health Corporation ("PAHC" or the "Company") announced today it has agreed
to acquire the Israeli based veterinary products business unit of Teva Pharmaceutical Industries Ltd. ("Teva"). 

    The business to be acquired includes Abic Biological Laboratories Teva Ltd. (Israel), Abic Veterinary Products Ltd. (Israel) and Assia
Pharmaceuticals Ltd. (Kenya) (together "Abic"). Abic is a manufacturer and marketer of over 60 animal health products, including vaccines,
pharmaceuticals, antibiotics, parasiticides, disinfectants and antiseptics for the Israeli and international markets.

    The purchase price for the business is approximately US $47 million and will be financed through a combination of new and existing
credit facilities. The amount payable at closing is subject to adjustment based on working capital and indebtedness levels.  

    The book value of Abic's net assets as of 31 December 2007 was approximately US $35 million, excluding inter-company balances.  Abic was
profitable in its last fiscal year and currently operates one manufacturing facility in Israel with approximately 90 employees.  The Company
expects the transaction will not have a significant effect on net income in the first year of acquisition. 

    The transaction is subject to certain conditions, including Israeli antitrust approvals and other closing conditions, and is expected to
close in the first quarter of 2009.

    Jack Bendheim, Chairman and President of the Company, commented: "Abic's expertise in vaccines complements our existing businesses and
allows us to expand and enhance our value-added offerings to our customers in many of our markets. This is an important step forward in our
vision to become a global leader in animal health and nutrition."

    ABOUT THE COMPANY 
    PAHC is a diversified global manufacturer and marketer of a broad range of animal health and nutrition products to the poultry, swine
and cattle markets. PAHC is also a manufacturer and marketer of performance products for the ethanol, wood preservation and personal care
industries. For more information, please visit www.pahc.com.

    For further information please contact:

    
 Phibro Animal Health CorporationRichard Johnson, Chief       +1 201 329 7300 
 Financial Officerinvestor.relations@pahc.com
                                                                              
 Panmure Gordon (UK) LimitedAndrew GodberRakesh Sharma   +44 (0) 207 459 3600 
       

    FORWARD-LOOKING STATEMENTS 
    This announcement contains forward-looking statements, including statements regarding management's expectations and beliefs regarding
the future results or performance of the Company. Because these statements apply to future events, they are subject to risks and
uncertainties. When used in this announcement, the words "anticipate," "believe," "estimate," "expect," "expectation," "project," "intend"
and similar expressions are intended to identify such forward-looking statements. Our actual results could differ materially from those
projected in the forward-looking statements. Additionally, you should not consider past results to be an indication of our future
performance. We do not intend to update any of the forward-looking statements after the date of this announcement to conform these
statements to actual results, to changes in management's expectations or otherwise, except as may be required by law.


This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
ACQUVUURWWRRAUA

Phibro Animal S (LSE:PAHC)
Historical Stock Chart
From May 2024 to Jun 2024

Phibro Animal S (LSE:PAHC)
Historical Stock Chart
From Jun 2023 to Jun 2024