Company in good shape and poised to move forward with new financial partner.
Mississauga, Ontario based Patheon has reported its Q1 revenues:
Patheon's revenues from prescription manufacturing services grew by 13% to $14.2 million, reflecting higher volumes at the company's Canadian, European and Puerto Rico operations.
Pharmaceutical development services (PDS) revenues increased by 23% to $5 million, due to growth at the Toronto, Cincinnati and Swindon, UK operations.
Repositioning expenses arising from workforce reduction and expansion of the company's manufacturing efficiency review process were $3.7 million in the quarter.
In the first quarter, the company further reduced the size of its global workforce by about 300, or 5% of its workforce.
JLL Partners investment
On 2 March, Patheon, Inc. reported fresh investment in the company by JLL Partners in a deal whereby JLL would purchase $150 million of Patheon shares by 30 April, 2007.
Patheon will use the investment proceeds (about $138 million) towards outstanding debt of $238 million under its existing North American credit facilities.
The capital restructuring is seen by the company as, 'an important step forward' for Patheon to give it, 'financial certainty and stability' allowing the company to focus on superior customer service, manufacturing excellence and and profitability, all key to successful growth.
Keywords : Patheon, Canada, USA, Puerto Rico, Europe, UK, CSO, Contract services, Development (PDS), Manufacturing, Efficiency improvement
