AWU Welcomes Pan Sale

Date: 24 November 2003

The Australian Workers' Union today welcomed news that Pan Pharmaceuticals will be purchased by the Sydney based pharmaceutical manufacturer Tabco Pty. Ltd.

The AWU understands that Tabco will purchase the entirety of the Pan business which has been in liquidation since 23 September 2003. Tabco has indicated that they intend to operate from Pan's base in Moorebank and will look at re-hiring a large part of the former Pan workforce.

Tabco, based in Sydney's northern beaches, is a Therapeutic Goods Administration licensed contract manufacturer of natural pharmaceuticals with over 30 years of experience in the industry.

AWU NSW State Secretary Russ Collison said that the news of the sale finally puts to rest the long-running sense of uncertainty felt by Pan's 128 employees

"The sale of Pan in its entirety is fantastic news for the workers many of whom have been out of work since being made redundant when the company was placed into liquidation." Mr. Collison said.

"The AWU from day one has argued that Pan was a viable business and should have remained operational - thankfully Tabco has stepped in and many of the former workers who are the best trained pharmaceuticals workers in the industry will have ongoing secure employment."

Pan's liquidators, KPMG, had recently secured a new licence from the Therapeutic Goods Administration to manufacture soft-gel products at the factory. KPMG has indicated that remaining 38 employees at Pan will be paid out their full entitlements before the ownership of the company is transferred on December 15.

For further information

Contact:	Paul Howes
Union:	The Australian Workers' Union Greater NSW Branch
Phone:	02 9897 3644
Contact Mobile:	0425 238 901
Fax:	02 9897 1481
Email:	phowes@awu-nsw.asn.au
WWW:	http://www.awu-nsw.asn.au

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