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Millipore Acquires Remaining Interest in India JV

NEW YORK (GenomeWeb News) – Millipore today said that it has acquired the remaining 60 percent interest of its joint venture In India for an undisclosed sum.

The purchase of Millipore India is in line with the firm's strategy to expand its presence in Brazil, Russia, India, China, and Singapore, it said.

"By establishing direct operations in the country, we will be able to more effectively execute our strategy and leverage our unique capabilities to accelerate growth and support our growing customer base in this dynamic market," Millipore Chairman and CEO Martin Madaus said in a statement.

The subsidiary is based in Bangalore and carries out sales, service, and manufacturing activities targeting the life science and biotech industries in the country. It employs around 300 people and its revenues are split evenly between Millipore's Bioprocess and Bioscience divisions.

Millipore said that the acquisition would have a minimal impact on its 2009 earnings per share but is expected to be accretive in future years due to the elimination of the non-controlling interest.

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