Zoetis Inc. (ZTS - Free Report) , the former Animal Health business of Pfizer Inc. (PFE - Free Report) , announced recently that it intends to expand its manufacturing facility in Lincoln, Neb. Zoetis aims to facilitate the production of high-quality, reliable drugs for veterinarians, livestock offerings and the animals under their care through this expansion.
Through this move, the company intends to fulfill its objective of being a world-class manufacturer of animal health products by ensuring constant supply of high- quality therapies for animals.
Zoetis stated that the early construction work has commenced and full fledged work for expanding the existing facility is expected to start shortly. The entire process involves a three-story expansion (19,000 square-feet) of the existing production facility. This will facilitate the transfer of products to Lincoln from a third-party manufacturer. The work is expected to be completed in 2014.
We remind investors that Zoetis started trading on the New York Stock Exchange from Feb 1, 2013. Last month, Pfizer gave up its entire stake in Zoetis. Pfizer had announced its plans to spin off its Animal Health business in Jun 2012.
Zoetis emphasizes on the discovery, development, manufacture and marketing of veterinary vaccines and medicines. The company focuses on farm as well as companion animals and has presence in more than 120 countries. The Animal Health segment of Pfizer had delivered sales of $4.3 billion in 2012, up 3% year over year.
Zoetis carries a Zacks Rank #3 (Hold). Companies such as Biogen Idec Inc. (BIIB - Free Report) and Jazz Pharmaceuticals Public Limited Company (JAZZ - Free Report) appear to be more attractive. Both stocks carry a Zacks Rank #1 (Strong Buy).