GlaxoSmithKline set to expand in African markets
GLAXOSMITHKLINE will today outline its expansion plans in Sub-Saharan Africa, building new factories across the region to tap into opportunities in emerging markets.
A spokesperson from the FTSE 100-quoted pharmaceuticals giant told CityAM that the multimillion-pound investment is part of a broader announcement by chief executive Sir Andrew Witty at the EU-Africa Business Summit in Brussels.
GSK, which already makes drugs in Kenya, Nigeria and South Africa, is now looking at sites for additional facilities in countries including Ghana, Ethiopia and Rwanda.
“The transformation of Africa into a successful growth region is one area that we need to focus on,” Witty wrote in the Sunday Telegraph.
Sub-Saharan Africa currently accounts for only around £500m of GSK’s annual sales, which totalled £26.5bn in 2013, but the firm sees potential for significant growth in the region.