Pharmaceutical major Wockhardt's UK subsidiary has sold its Luton plant near London to Bristol Laboratories for an undisclosed sum and is investing £1million to make its Wales plant the largest overseas manufacturing base of the company.
Products of Wallis manufactured earlier at Luton, have been shifted to CP Pharmaceuticals' plant at Wrexham in Wales, and to Wockhardt's plants in India.
"We are upgrading the Wales plant as Wockhardt's largest overseas manufacturing base with an investment of one million pound sterling," Wockhardt chairman Habil Khorakiwala said.
The upgraded Wales plant would eventually become a manufacturing base for Wockhardt's German subsidiary Esparma GmbH, he said.
The sale of Luton plant marks the completion of restructuring operations after the formation of Wockhardt UK
Ltd to integrate the businesses of both Wallis and CP Pharmaceuticals under one banner, Khorakiwala said.
"The sale of the Luton plant will reduce our operating cost and improve the bottomline," Wockhardt UK managing director Sirjiwan Singh said.
United Kingdom is Wockhardt's largest market outside India and contributes about 35 per cent to its consolidated revenues.