VITA 34 has taken over majority in Spanish partner Secuvita
The VITA 34 International AG tightens its presence in the Spanish market and is now the indirect holder of 51.62 percent of the shares in the Spanish corporation Secuvita, S.L. by having taken over all of the company shares of the Novel Pharma S.L.. A purchase price at the amount of about 3 million Euro was paid.
With the entry into Secuvita, VITA 34 is further extending the value-added chain in the country in Southern Europe, after having so far simply acted as the provider of storage services for Secuvita. In Spain, at present the umbilical cord blood of about 4 percent of the births is being stored, which almost doubles the German rate.
With this take-over, it is furthermore expected that about 75 Euro per preparation as current annual payments to Secuvita of the presently about 10,000 Secuvita customers can be included in the future revenue of VITA 34 within the bounds of a group consolidation, which would also result in an increase in revenue of VITA 34. VITA 34 has closed the year 2009 reporting a revenue of approximately 15 million Euro.
For the current business year, a total revenue between 18 and 19 million Euro at group level is already estimated, which at present leads to expect a positive company result.
Other news from the department business & finance
