Teva seeks to expand operations in Hungary
Monday, February 28, 2005, 00:00
Teva Hungary Rt, a subsidiary of the world?s leading generic drug manufacturer Teva Pharmaceutical, is investing $100 million in a new plant to manufacture active ingredients in Sajóbábony, northeastern Hungary. The factory will become operational soon, employing a staff of 60-100, CEO András Rózsa said. Meanwhile, President and CEO Israel Makov of the Israel-based parent company is negotiating in Hungary with a view to expanding cooperation with unnamed local businesses. Teva made its first investment in Hungary in 1993 and bought up Debrecen-based pharmaceutical Biogal Rt two years later. The group?s Hungarian companies posted a total of $760 million revenue last year, up from $150 four years ago.