IROPHARM, an Arklow-based chemical company employing 60 people, is to be bought by AlliedSignal, a major US corporation, for an undisclosed sum. AlliedSignal said it intends to expand its base in Ireland once the acquisition goes through.
Manufacturing chemical products for the pharmaceutical industry, Iropharm was founded in 1984 by the Schuler family. It has annual sales of around £8 million. Contacted last night, the company's managing director, Dr Beate Schuler, refused to make any comment about the move.
A spokesman for AlliedSignal, Mr Ed Romanov, said the deal was likely to be finalised within 60 days. Iropharm was a "strong strategic fit" with its other speciality and fine chemicals businesses, he added.
"AlliedSignal's goal is to become a leading global pharmaceutical industry supplier. In combination with our facilities in the United States and in Germany, this acquisition would extend our ability to meet our customers' requirements for high quality FDA-regulated products," Mr Romanov added.
He said the company planned to "significantly grow" the sales of Iropharm, once the deal was formally completed.
AlliedSignal, based in New Jersey, is active in the aerospace, automotive and engineering sectors, and has annual sales of over $14 billion (£9.2 billion) a year.
