“We have a EUR5 million investment budget, half of which will go to a new line that will make ointments, creams and gels (topical products) and the rest towards other equipment upgrades. We are bankable, still attractive, as long as the clawback tax does not stifle us,” Ioan Nani told ZF.
Creams, ointments and gels made by Antibiotice Iasi account for 40% of the local market and 35% of its exports. The 30% increase in production capacity, following this year’s investment will boost export volumes.
“We’re investing in a field we have a tradition in, we’ve been in the topical product business since 1960, and following the investments we will comply with the worldwide international norms,” Nani said.
Last year’s financial results have not been revealed yet, but the chief executive says Antibiotice reached its target.
Antibiotice saw a 5% increase in sales to 227 million lei (EUR51 million) in January-September 2016, largely because of exports, according to publicly available data. Net profit rose 22% and debt dropped 22%.
(English version by Loredana Fratila-Cristescu)