KUALA LUMPUR, Olon, the chemical-pharmaceutical group in the production and development of active pharmaceutical ingredients (APIs) and part of the holding company PandR, announced a new venture to acquire Huvepharma Italia Srl and its site in Garessio (Cuneo, Italy), continuing its growth path. The acquisition plan involves a complete operational integration of Huvepharma Italia and to revive the production potential of the Garessio plant and, through the development of new business opportunities, bring it to full production capacity. 'We recognised in Huvepharma Italia all the right characteristics. The acquisition supports the implementation of the group's medium to long term strategy and the achievement of our business objectives,' said Olon Group Chief Executive Officer, Paolo Tubertini. With this latest acquisition, the group now totals nine manufacturing plants in Italy alone and a total reaction capacity of 3,250 cubic metres, according to a statement. In terms of presence, extent of manufacturin g network and installed volume, it emerges as one of the most important industrial players on the national and European scene by size and production potential. Since its inception, the Olon Group has pursued a strategy of growth, consolidation and expansion on the global market, both internally and externally through acquisitions. In full continuity with this strategy, along with the specific objective of expanding its production potential and presence in the global market for active ingredients, Olon has acquired Huvepharma Italia. The aim of the transaction is to strengthen and broaden the product offering with a focus on the most strategic areas, in addition to constituting a significant further step forward in terms of capacity growth. Source: BERNAMA News Agency