Another first :)
My first article to be published on abs-cbnnews.com
Euro-Med Laboratories eyes more countries for exports
By MICHELLE OROSA
ABS-CBN News
Euro-Med Laboratories Phils. Inc., the pharmaceutical business of newspaper and hotel magnate Emilio Yap on Tuesday said it is eyeing to export its products to six more countries in Africa this year among them South Africa, Ethiopia, Sudan, and Swaziland.
Euro-Med which currently exports to 20 countries, including Vietnam manufactures large volume parenterals, specialty solutions and irrigating solutions in plastic containers in 500 mL and 1000 mL. pack sizes.
It has two plants in the Philippines -- Cavite and in Pioneer Street along EDSA Mandaluyong. Its Cavite plant has the capacity to produce 40 million plastic bottles per year; while its Mandaluyong plant produces 10 million glass bottles of IV fluids annually.
This year, Euro-Med expects a 10 percent growth in sales or about P2.6 billion, despite a worldwide slump in the pharmaceutical industry.
Growth will come from its Intravenous Fluids (IV) products, which account for the biggest component of the company's sales.
"In the first half of the year alone, our sales went up by 5 percent, compared to the same period last year due to strong demand, and increased exports growth," Evidente added.
P1-B for fuel cell-run plant
Earlier, the company said it has earmarked P1 billion to build a fuel-cell plant as part of efforts to cut costs.
Company president Georgina Evidente said the fuel cell plant will have a capacity of 400 killowatts per hour, and is seen to reduce the company's electricity bill by up to 30 percent or P48 million annually.
"It won't just reduce our dependence on MERALCO, but also ultimately reduce carbon emissions from the manufacturing plants and help in the fight against global warming," Evidente added.
The fuel cell plant will be incorporated into its existing plant in Dasmariñas, Cavite and will be completed by 2010.
The World Bank's private investment arm, the International Finance Corporation (IFC) will likely fund 70 percent of the plant, with the balance coming from equity.
If successful, the firm's officials said it may put up a similar plant.