ICN Yugoslavia Expands
ICN Pharmaceuticals Inc. plans to expand Yugoslav operations with a new plant in the republic of Montenegro, an ICN Yugoslavia official said Tuesday. Officials expect the new plant to be located in the Montenegrin capital of Podgorica. Sales should reach $20 million by the end of 1997 and $32 million in 1999, said Mihajlo Saranovic, ICN executive vice president and manager for East European operations.
ICN will have a 75% stake in the new venture, with the rest owned by the Montenegrin state. ICN Chairman Milan Panic served briefly as Yugoslav prime minister in the early 1990s.
The contract calls for the plant to produce 19 medicines earmarked for Yugoslav and foreign markets. It was signed Monday by Montenegrin Prime Minister Milo Djukanovic and ICN Yugoslavia Executive Vice President Ljubisa Rakic.
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