Patheon Completes York Mills Facility Sale

Patheon has completed the sale of its York Mills facility in Toronto, Canada for $12.3 million. The agreement to sell the facility, announced in December 2007, is part of Patheon’s global restructuring plan.
   
The company is currently in the process of transferring all commercial production and development services to its Whitby facility, with a smaller portion being transferred to its sites in Mississauga and Cincinnati. This is an effort to improve capacity utilization and profitability at the continuing Canadian sites. Patheon is de-commissioning the York Mills facility and has leased back the facility for as many as two years in order to facilitate this process.
   
“We are pleased that we have completed another step in our global restructuring plan and are now focused on consolidating our resources at Whitby and improving our productivity in our Canadian Operations,” said Wes Wheeler, chief executive officer, Patheon.