Novo Nordisk to create new corporate centre in Europe

Novo Nordisk has announced plans to create a new corporate centre in Europe that will house its top management and improve its organisational efficiency.

Around one billion Danish kroner (118.7 million pounds) will be invested in the development of a pair of office buildings with surrounding green space in Bagsvaerd, Denmark, which is expected to be completed at the end of 2013.

This will consolidate a number of administrative functions that are currently spread across various locations in Copenhagen and will be occupied by around 1,100 administrative employees.

Novo Nordisk has been present at this location since the 1950s, with this new development coinciding with the company's expansion efforts worldwide.

Lars Rebien Sorensen, president and chief executive officer of Novo Nordisk, said: "The new buildings will give our employees the best conditions for interacting across functional divides and with our colleagues abroad."

Last month, the company announced its financial results for the first half of 2011, during which it saw an 11 percent year-on-year growth in sales.