Oslo, Norway, 23 April 2020
Vistin Pharma ASA (Vistin Pharma, OSE: VISTIN), announces that the Board of Directors have approved the investment to install a 2nd production line and double the production capacity to approx. 7000MT at its dedicated metformin manufacturing facility at Fikkjebakke, Kragerø.
The expansion is driven by a stable underlying growth in the metformin market, and that the demand from the existing customers will exceed Vistin’s manufacturing capacity going forward.
The investment will be approximately NOK 100 million and will be financed through existing cash balance and running cash flow. Commercial volumes from the new production line is expected to be available in 2022.
This expansion is an important milestone in the company’s ambition to further strengthen its position as one of the leading global metformin producers says Kjell-Erik Nordby, CEO in Vistin Pharma.
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For further information, please contact:
Kjell-Erik Nordby
CEO
+47 91 36 42 80
kjell-erik.nordby@vistin.com
Alexander Karlsen
CFO
+47 97 05 36 21
alexander.karlsen@vistin.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
About Vistin Pharma | www.vistin.com
Vistin Pharma is a Norwegian pharmaceutical company producing Metformin Hydrochloride (API). The Metformin is also available as Direct Compressible lubricated granules. As a solely dedicated European Metformin producer, Vistin Pharma is a well-positioned supplier to leading pharmaceutical companies. Vistin Pharma is headquartered in Oslo, Norway, and has highly qualified employees and a dedicated manufacturing facility in Kragerø.