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Richter to spend $5 mln-$10 mln on Russian unit

Richter Gedeon Nyrt, Hungary's biggest drugmaker, plans to invest between $5 million and $10 million in its Russian unit to meet growing demand, news agency Interfax reported, citing Richter CEO Erik Bogsch.

Russia is Richter's biggest and fastest growing market, with sales totaling $157 million last year and $110 million in the first half of 2006, Interfax cited Bogsch as saying at a press conference in Moscow. The drugmaker expects to boost revenue from Russia by at least 15%-20% next year, while sales increases in other markets won't exceed 10%, Bogsch said.
Richter has invested a total $40 million in its Russian plant.