HAWTHORNE, N.Y., Jan. 8, 2004 (PRIMEZONE) -- Taro Pharmaceutical Industries Ltd. (Nasdaq:TARO) today announced that its U.S. affiliate has expanded its distribution capacity with the purchase of a modern, 315,000 square foot distribution center on 25 acres of land in South Brunswick, New Jersey.
Taro acquired the facility for approximately $18 million. In conjunction with the purchase, Taro expects to receive certain financial incentives from the New Jersey Economic Development Authority.
"The establishment of Taro's New Jersey distribution center will enable the Company to continue providing the high levels of service that our customers have come to expect," said Barrie Levitt, M.D., Chairman of the Company.
Currently, Taro has research, manufacturing and distribution operations in Israel, Canada and the U.S. In addition, Taro recently acquired a facility in Roscrea, Ireland. With the New Jersey acquisition, Taro has more than one million square feet of research, manufacturing and distribution space worldwide.
Taro is a multinational, science-based pharmaceutical company dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality pharmaceutical products.
For more information on Taro, please visit the Company's website at www.taro.com.
Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements that are not describing historical facts, such as comments describing what the Company or its officers "intend," "plan," "expect," or similar statements; and comments concerning Taro's expectations regarding future demand for its products, the intended uses for its newly acquired New Jersey facility and financial incentives offered by the state of New Jersey. Although Taro believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ include changes regarding conditions related to Taro's New Jersey facility, industry and market conditions, including future demand for Taro products, slower than anticipated regulatory approval of new generic or proprietary products, other regulatory actions, slower than anticipated penetration of new markets, changes in the Company's financial position, the situation in the Middle East and other risks detailed from time to time in the Company's SEC reports, including its Form 20-F for 2002. Forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update, change or revise any forward-looking statements, whether as a result of new information, additional or subsequent developments or otherwise.