Schering-Plough expands presence in China
Schering-Plough has expanded its presence in China and established Shanghai Schering-Plough Pharmaceutical as a wholly owned operation based in Shanghai through the acquisition of the shares of its former joint venture partners.
Fred Hassan, chairman and CEO of Schering-Plough, said: The actions announced today are part of Schering-Plough's long-term global geographic expansion strategy. Investing in the Asia-Pacific Region, and especially China, represents another step in our journey to transform Schering-Plough into a global high-performance health care company. With a long-term presence in China, Schering-Plough now takes a significant step forward in its strategic development to further build growth and strength in this important market. Schering-Plough entered into an agreement in 1994 with two local joint venture partners in China, Shanghai Pharmaceutical Industry and Shanghai Pharmaceutical Group, to manufacture, market and distribute key allergy and skincare products.
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