Oriola-KD Corporation completes its Russian acquisition
Oriola-KD Corporation has acquired the remaining 25 per cent of the shares in Foreti Oy, which owns the Moscow-based pharmaceutical retail company OOO Vitim and the pharmaceutical wholesale company OOO Moron. After the acquisition Oriola-KD owns 100 per cent of its Russian subsidiaries.
Oriola-KD acquired 75 per cent of the Russian companies in April 2008. The acquisition price for the remaining 25 per cent is EUR 65.0 million (USD 95.0 million). The total purchase price paid for the Russian companies is EUR 153.7 million (USD 226.0 million) in cash. In addition Oriola-KD has provided the Russian companies with long-term financing amounting to approximately EUR 65 million (USD 95 million).
In 2009 the net sales of Russian pharmaceutical retail and wholesale operations were EUR 480.7 million (2008 pro forma EUR 414.9 million) and operating profit was EUR 44.5 million (2008 pro forma EUR 7.4 million). The Russian companies had 3023 (3482) employees at the end of 2009.
"Our partnership during the last two years with the founders of the Russian companies has contributed very positively to the success of the businesses. Sizeable investments and joint efforts to improve operations have enabled the growth and the increased efficiency", said Eero Hautaniemi, President and CEO, Oriola-KD Corporation.
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