ZURICH, Jan 23 (Reuters) - Swiss drugs industry supplier Lonza LONN.VX will continue to make smaller acquisitions and wouLd rather plough back any extra cash into its business than return money to shareholders.
“In the course (of) 2007, we executed a few smaller acquisitons and that wil continue. Smaller and mid-sized acquisitions are defined in the vicinity of up to 100 million Swiss francs ($91.24 million),” Chief Executive Officer Stefan Borgas told journalists on a conference call.
“(As regards) bigger activities, we are always looking at (those), but nothing is concretely planned at the moment.”
Borgas also said the group’s finances were not strong enough to return money to shareholders and that he preferred investing any extra cash back into the group over buying back shares. (Reporting by Douwe Miedema)