briefs
CP Foods plans outlay after China, VN
Charoen Pokphand Foods, Thailand’s biggest animal-feed and food producer, plans to invest as much as Bt15 billion annually in the next five years after acquiring businesses in China and Vietnam.
Those two countries have the potential to expand the company’s growth, chief executive officer Adirek Sripratak said, adding that the acquisition would boost annual revenue and earnings growth by 15 per cent, compared with average sales growth of 12 per cent in the past decade. – Bloomberg
ANZ seeks subsidiary licence
Australia and New Zealand Banking Group is seeking a licence to establish a subsidiary in Thailand.
ANZ has only a representative office in Thailand but is seeking a licence so it can set up a wholly owned subsidiary.
Prime Minister Yingluck Shinawatra met with ANZ chief Mike Smith on Friday to discuss reducing the two-year waiting period.
An ANZ spokesman said the bank had been looking to turn its representative office into a full branch so it could better service trade and investment flows among Thailand, Australia and New Zealand, and other Asian countries. “It’s not a strategic priority but it’s an important part of having a fully fledged Asian network,” the spokesman said.
Watson buys Ascent Pharmahealth
Watson Pharmaceuticals announced that it had acquired Ascent Pharmahealth, the Australia and Southeast Asia generic pharmaceutical business of Strides Arcolab, for $375 million Australian dollars (Bt12.35 billion) in cash.
As a result of the acquisition, Watson becomes the fifth-largest generic pharmaceutical company in Australia based on revenue. Watson also becomes the largest generics company in Singapore and gains an established commercial base in Thailand, Malaysia, Hong Kong and Vietnam.
Western Digital recovering capacity
Western Digital Corp says it has made significant additional progress to restore its manufacturing capacity after the recent flooding in Thailand. It has continued to ramp up production of hard-disk drives in the Kingdom and yesterday resumed slider production, which had been suspended since October 10.
The company now believes its manufacturing capacity will be back to pre-flood capabilities in the third quarter.
