ECONOMY

Alapis in deal for a buyout

Listed veterinary and agricultural products company Alapis completed talks on Monday to buy out pharmaceutical firm PN Gerolymatos. The initial deal concerns the acquisition of 48.67 percent with an agreement for the buyout of another 50.66 percent at a later stage, to a total of 198.67 million euros. The deal is aimed at joining the two firms’ forces in the sectors of health and beauty in Greece and abroad. Alapis stated this forms part of its business plan, while the acquisition is pending approval by the Competition Commission. After its completion, Alapis will own 99.33 percent of the Gerolymatos share capital. Founded by Panayiotis Gerolymatos, who will maintain his position as chief executive officer of the company, the firm employs a total of about 1,100 people, all fully trained. In 2007, it had sales volume of 225.7 million euros and pretax profits of 15.2 million euros. This year it expects an organic rise in turnover of at least 20 percent.