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Patheon completes York Mills facility sale

22 Apr 2008 - Patheon announced the completion of the sale of its York Mills facility located in Toronto, Canada for CDN$12.5 million (US$12.3 million) effective April 15, 2008.
 
The agreement to sell the facility for a purchase price of CDN$12.5 million (US$12.3 million) was entered into on December 31, 2007 as part of Patheon's global network restructuring plan. Patheon is currently in the process of transferring all commercial production and development services undertaken at its York Mills facility to, primarily, its Whitby facility, with a smaller portion of activity being transferred to the Company's Mississauga and Cincinnati facilities. This is primarily intended 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 up to two years in order to facilitate this process.