Daiichi Reorganizes Vitamin Business

TOKYO--Daiichi Pharmaceutical is reorganizing its vitamin businesses in Europe and the United States. Effective Oct. 1, the fine chemicals business of Daiichi Pharmaceutical Europe GmbH in Dusseldorf, Germany, and the operations of Daiichi Fine Chemicals Co. in Vernon Hills, Ill., will become subsidiaries of Daiichi Fine Chemicals Co. in Takaoka City, Japan. The pharmaceutical business of Daiichi Pharmaceutical Europe will move to London. This move follows the decision in October 2001 to move the operations of its fine chemical and marketing businesses in Japan under Daiichi Fine Chemicals in Takaoka City, Japan, to maximize growth potential and shareholder value.

"The company is reorganizing on an accounting level to have two groups--fine chemicals and pharmaceuticals," said Tim Jacobson, chief executive officer and president of the U.S. Daiichi Fine Chemicals business www.daiichifinechem.com. "There will be no changes on day-to-day operations, save for increased efficiency in our business."

Daiichi Fine Chemicals sells fine chemicals and vitamins, and represents other manufacturers' products through regional distributorships in North America. The U.S. fine chemicals business was established as a division of Daiichi Pharmaceutical Co. in 1991; in 1995, it was incorporated into a wholly owned, independent subsidiary. Daiichi Pharmaceutical employs more than 5,000 people worldwide and has annual sales of nearly $3 billion.