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TPI Enterprises sells Portugal facility for €2.9M

TPI Enterprises Ltd. completed the sale of its opiate manufacturing facility in Lisbon for €2.9 million.

The facility was sold to an unnamed European drugmaker.

The manufacturing equipment from Lisbon was moved to a facility in Norway, where the company will conduct all of its production.

The Australian medicine ingredient supplier will make a net gain of about A$1.1 million from the sale. The company will also save A$200,000 annually in property occupancy and administration expenses.

The proceeds from the sale will be used for working capital purposes.