Stada Arzneimittel AG, Germany’s largest independent generic company, continues to drive its group restructuring programme „STADA – build the future“. However, its cost has also reduced profits in the third quarter.
The previously announced sale of two Russian plants for a special charge of EUR 9.2 million before tax and EUR 7.3 million after tax, which would be booked in the current quarter.
By the end of 2014, Stada will shift production of the plants sold to other Russian locations and utilise them better. For the transitional period contracts have been closed. As part of the restructuring, 186 full-time positions have been cut.
Already, in the first half of the year costs for the restructuring programme had burdened the Stada-profit: net profit fell by 14 percent to EUR 48.1 million. For the full year, Stada predicts a significant increase in profit after tax.
[ilink url=“http://www.stada.de/stada/presse/presse_adhoc/AktuelleMeldungen/details.asp?pid=845″] Link zur Quelle (Stada)[/ilink]