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Print Edition StoriesMonday, November 23, 2009
Millipore buys out Indian joint venture
By Mass High Tech Staff
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Millipore Corp. has bought full ownership of its joint venture in India, Millipore India Pvt. Ltd., a business based in Bangalore that employs 300 people. Millipore (NYSE:MIL) had previously owned 40 percent of Millipore India.
Millipore India is mainly a sales, service and manufacturing entity with offices in Ahmedabad, Hyderabad, Kolkata, Mumbai, and Delhi. By acquiring the remaining 60 percent, Billerica-based Millipore has made the Bangalore operation a new subsidiary.
According to Millipore officials, the move allows the company to expand in the growing life sciences market in India. No financial details of the deal were disclosed, and the acquisition will have minimal impact on Millipore’s 2009 earnings per share, according to the company. Nor will it affect Millipore’s reported revenue or operating costs, since Millipore India has been part of Millipore’s financial statements since 2006.
In October, Millipore officially launched operations of a $2 million solar panel installation project at its facility in Bedford. Millipore built the photovoltaic system with grants from the Mass Renewable Energy Trust and the Renewable Energy Grant Program, which is part of the American Recovery and Reinvestment Act of 2009.
Millipore, with more than 5,900 employees worldwide, reported a profit of $145.8 million on revenue of $1.6 billion for fiscal 2008.
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