NI drug grouping in £5.8m expansion

 

Galen Holdings, the Northern Ireland pharmaceuticals group, has announced a £5.8 million sterling investment programme, which will create an extra 70 jobs at its Ivex division at Larne over the next three years.

The division, which now employs 104 people, produces intravenous sterile solutions and the investment is aimed at more vertical integration. It will now manufacture its own bags, which the company said will provide greater control over product quality and costs. The project has been received a £1.55 million grant from the Industrial Development Board.

The investment said Mr Bruce Robinson, IDB's chief executive, "should sharpen Ivex's competitive edge in international markets and enable it to develop successfully and quickly the new business opportunities which management has identified".

Galen is looking for further strong growth this year following the 58 per cent growth in pre-tax profit to £11.4 million in the year to end of September 1997.