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LAKE SUCCESS, N.Y., Mar 15, 2010 (GlobeNewswire via COMTEX News Network) -- Aceto Corporation (Nasdaq:ACET), a global leader in the sourcing, quality assurance, regulatory support, marketing and distribution of pharmaceuticals, nutraceuticals, specialty chemicals and crop protection products, today announced that it has purchased a building in Port Washington, New York to be the site of its future global headquarters.
The building, located at 4 Tri Harbor Court in Port Washington, New York, is a two story office/industrial building with approximately 50,000 square feet of space. It is anticipated that Aceto will move its corporate offices into the new building no later than April 2011, when the lease at its current location in Lake Success expires.
Commenting on the announcement, Vince Miata, President and CEO of Aceto, said, "We are excited with the purchase of a building that will become the future, global headquarters for Aceto Corporation. From a financial perspective, purchasing a building, as opposed to leasing space, we expect will allow us to lower our SG&A expenses and gives us an asset that could potentially appreciate over time. The purchase of the building also provides us with a platform from which we can continue to grow Aceto for the foreseeable future. In addition, we believe that owning this building will create a more positive image for Aceto amongst our employees, business partners and shareholders."
ABOUT ACETO
Aceto Corporation, incorporated in 1947, is a global leader in the sourcing, quality assurance, regulatory support, marketing and distribution of pharmaceuticals, nutraceuticals, specialty chemicals and crop protection products. With a physical presence in ten countries, Aceto distributes over 1,000 chemicals and pharmaceuticals used principally as raw materials in the pharmaceutical, crop protection, surface coating/ink and general chemical consuming industries. Aceto's global operations, including a staff of 26 in Shanghai and 14 in India, are unique in the industry and enable its worldwide sourcing and regulatory capabilities. (ACET-F)
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Aceto Corporation
CONTACT: Aceto Corporation Theodore Ayvas, Director of Corporate Communications & Investor Relations (516) 627-6000 www.aceto.com
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.
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