Wyeth stops operations at Mumbai plant

Pharmaceutical company Wyeth is in a restructuring mode. It has informed the Bombay Stock Exchange (BSE) that it has stopped operations the company's plant in Ghatkopar in Mumbai.

The company said that it will evaluate all options, but did not specify what options it will be considering. The company officials were not available for comment.

Besides the Mumbai plant Wyeth operates three other facilities in Valsad (Gujarat), Verna (Goa) and Nashik (Maharashtra). The Nashik plant came into the company's fold as a result of their merger with Geoffrey Manners.

Earlier Wyeth had decided to divest its interests in oral care business as part of a restructuring exercise.

The company's oral care arm, the Forhan's brand, had entered its portfolio after the merger with Geoffrey Manners.

The integration had led to Wyeth's foray into the consumer healthcare (over the counter products) business. The company then decided that OTCs were not in keeping with its main line of business and put Forhan's on the block.

The other brands owned by Geoffrey Manners include Anacin, an OTC product and Anne French, a female hygiene brand.

Wyeth has informed the BSE that it is seeking the approval of shareholders, by way of postal ballot for the sale, transfer, assignment or disposal of its Forhan's brand and business and all assets pertaining to Forhan's business for an aggregate price of Rs 3.6 crore. The results of the postal ballot process will be announced on April 15, 2004.