Thermo Fisher Scientific Inc. announced it has entered into an agreement to acquire Qualigens Fine Chemicals, a division of GlaxoSmithKline Pharmaceuticals Ltd. (GSK India) based in Mumbai. Qualigens is India's largest laboratory chemical manufacturer and supplier, serving customers in a variety of industries, including pharmaceutical, petrochemical, and food and beverage.
"The well-established and extensive channel network of Qualigens will make Thermo Fisher the leading supplier to India's research market, allowing us to accelerate our growth in a country where science and industry are moving forward at an exciting pace," said Marijn E. Dekkers, president and chief executive officer of Thermo Fisher Scientific. "In addition to greatly augmenting our premier Fisher Scientific customer channel, Qualigens is an ideal complement to our bioscience reagents and research chemicals business, enabling us to offer a wider range of products to a broader customer base. We also expect to benefit from greater access to local products, raw materials and manufacturing capabilities, as we expand in India and throughout Asia."
Qualigens had sales of approximately USD $24 million in 2006 and has approximately 150 employees across the country. The acquisition is expected to close early in the fourth quarter of 2007, subject to GSK India shareholder approval and other customary closing conditions.