Original disclosure @ IFC website
Updated in EWS Feb 18, 2022
Disclosed by Bank Feb 9, 2022
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Founded in 1996, Genomma Lab Internacional S.A.B. de C.V. (Genomma or the “Company” - http://www.genommalab.com/) is a Mexico based, pharmaceutical company listed in the Mexican Stock Exchange with presence in 18 countries across Latin America. Genomma’s business model is centered on the product development, distribution, marketing, and sales of over-the-counter (OTC) or nonprescription medicines and personal care (PC) products manufactured by contract manufacturing organizations (CMOs) which are then distributed to pharmacy chains and supermarkets through third-party logistics (3PLs) providers. In 2018, IFC provided financing to Genomma to build its first OTC and PC manufacturing plant in Toluca, Mexico, which started operating in 2020 (https://disclosures.ifc.org/project-detail/ESRS/40144/genomma-lab). Genomma has no manufacturing facilities in these countries and products are imported from Mexico or manufactured locally by CMOs under full-service modality (except in Argentina where Genomma is responsible for the storage and quality control of raw materials, packaging materials; quality control of finished product and weighting of raw materials). Similarly, Genomma does not own or operate distribution centers and transportation fleets in these countries and relies on 3PLs providers.The proposed IFC investment is a US$60 million multi-currency and multi-country working capital (“WC”) facility in the form of a corporate A-Loan for IFC’s own account to fund the Company’s expansion in Latin America driven by increased demand of paracetamol, hand sanitizers, alcohol gel and other COVID-19-related products.
The proposed IFC investment is a US$60 million multi-currency and multi-country working capital (“WC”) facility in the form of a corporate A-Loan for IFC’s own account to fund the Company’s expansion in Latin America.
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