Strides Arcolab - Press Release
Strides Arcolab Ltd has informed that Strides Arcolab-India and Aspen-South Africa on March 05, 2008 announced the successful completion of their transaction which was announced on November 20, 2007, whereby Aspen, South Africa, has acquired a 50% stake in Strides’ Latin America operations. With the completion of this transaction, the Latin America business will become debt free and will have surplus cash available to pursue inorganic growth opportunities.
At a meeting held in Rio de Janeiro on March 01, 2008, the two partners expressed complete confidence in the existing management team and their ability to grow business to greater heights. The following decisions were also taken:
- V Madhusudhan, currently President of Cellofarm will be redesignated as Chief Executive officer of Cellofarm. He will also be a member of the Board of Directors of the holding Company. Madhusudhan will also oversee the rest of Latin American operations.
- Praveen Venkataramanan, currently Head of the Mexican operations, will now be responsible for the Mexican and rest of Latin American operations reporting to Madhusudhan.
The above changes will be with immediate effect.
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