PORT WASHINGTON, N.Y., Feb. 26, 2015 (GLOBE NEWSWIRE) -- ACETO Corporation (Nasdaq:ACET), a global leader in the marketing, sale and distribution of products for Human Health, Pharmaceutical Ingredients and Performance Chemicals, today announced that MSCI Inc. has approved its request to change its Global Industry Classification Standard (GICS®) code to 35102010 (Health Care - Health Care Distributors) from 20107010 (Industrials - Trading Companies and Distributors). The new GICS code will be effective as of the market close on February 27, 2015.
ACETO submitted the request to MSCI to more accurately reflect the company's business mix now that it derives more than 60% of its revenues and earnings from sourcing, marketing and sale of pharmaceutical intermediates and active ingredients, finished dosage form generics and nutraceutical products.
The GICS® was developed by MSCI, a premier independent provider of global indexes and benchmark-related products and services, and Standard & Poor's, an independent international financial data and investment services company and a leading provider of global equity indexes, in an effort to offer an efficient investment tool that captures the breadth, depth and evolution of industry sectors. As a general rule, a company is classified in the sub-industry whose definition most closely describes the business activities that generate more than 60% of the company's revenues. The GICS® currently consist of 10 sectors, 24 industry groups, 67 industries and 156 sub-industries. Under the GICS®, each company is assigned uniquely to one sub-industry according to its principal business activity.
ACETO Corporation, incorporated in 1947, is a global leader in the marketing, sale and distribution of products for Human Health (finished dosage form generics and nutraceutical products), Pharmaceutical Ingredients (pharmaceutical intermediates and active pharmaceutical ingredients), and Performance Chemicals (specialty chemicals and agricultural protection products). With business operations in nine countries, ACETO distributes over 1,100 chemical compounds used principally as finished products or raw materials in the pharmaceutical, nutraceutical, agricultural, coatings and industrial chemical industries. ACETO's global operations, including a staff of 25 in China and 12 in India, are distinctive in the industry and enable its worldwide sourcing and regulatory capabilities.
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