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Schweizerhall sells drugs division to Aceto

Schweizerhall is to sell its international pharmaceutical distribution business

(Keystone Archive)

The Basel-based group, Schweizerhall, is to sell its international pharmaceutical distribution business to the United States company, Aceto. The deal, announced on Monday, is valued at SFr41 million ($25 million).

Schweizerhall is a wholesale distributor of industrial and fine chemicals and develops and markets perfumes and jewellery. It said it would buy 600,000 shares in Aceto, equivalent to 10 per cent in the New York State-based company, as part of the deal.

Schweizerhall chairman, Peter Schaer, said in statement that the sale, subject to a due diligence check, is in line with the company's strategy of remaining open to "new forms of partnership with other companies and to be prepared to streamline or change our portfolio."

According to its corporate statement, Schweizerhall expects to report what it called "encouraging figures" for its business sector Schweizerhall Chemicals for 2000.

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