Fasa completes takeover of Benavides chain

Chilean pharmacy giant Fasa formally completes its takeover of Mexican chain Benavides this Wednesday. According to the chief of planning and studies at Farmacias Benavides, Esteban Rigo-Righi, the chain will open 100 new pharmacies over the next few months at a cost of US$40mil.

Fasa wants to keep sales growth ticking along at 20%, a percentage made possible last year by the opening of 74 new outlets for a presence across 110 Mexican cities. Fasa will hold 95.62% of the Mexican company, a stake bought from the family Benavides, and plans to retain its name. Jaime Benavides Pompa will leave his place at the boardroom table in April and then the family will have no further direct role in the chain.

Publication: SABI - Business News
Provider: South American Business Information
Date: February 7, 2008