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Johannesburg - Pharmaceuticals firm Merck South Africa has sold its Merck Pharmaceutical Manufacturing operations to a company controlled by Nkunzi Investment Holdings, a black-owned investment firm .
Omame, a black women's investment company, has also acquired a significant stake.
As part of the deal, the existing management team of Merck Pharmaceutical Manufacturing and all employees will be transferred to Nkunzi Pharmaceuticals, the company which will take over its operations.
The management team will become shareholders in Nkunzi Pharmaceuticals.
The decision to sell Merck Pharmaceutical Manufacturing is part of its global efforts to optimise its manufacturing network, the firm said.
Merck SA has been in South Africa for 40 years and will continue to focus and expand its core businesses in South Africa and neighbouring countries with its Merck Serono and Consumer Health care divisions as well as its chemical activities.
Merck Managing Director Klaus Boehm said the company was happy to have concluded the deal with a reputable partner such as Nkunzi.
The transaction has led to the formation of Nkunzi Pharmaceuticals within the Nkunzi Investment Holdings Group.
Omame, a black women's investment company, has also acquired a significant stake.
As part of the deal, the existing management team of Merck Pharmaceutical Manufacturing and all employees will be transferred to Nkunzi Pharmaceuticals, the company which will take over its operations.
The management team will become shareholders in Nkunzi Pharmaceuticals.
The decision to sell Merck Pharmaceutical Manufacturing is part of its global efforts to optimise its manufacturing network, the firm said.
Merck SA has been in South Africa for 40 years and will continue to focus and expand its core businesses in South Africa and neighbouring countries with its Merck Serono and Consumer Health care divisions as well as its chemical activities.
Merck Managing Director Klaus Boehm said the company was happy to have concluded the deal with a reputable partner such as Nkunzi.
The transaction has led to the formation of Nkunzi Pharmaceuticals within the Nkunzi Investment Holdings Group.
