Gerresheimer buys Indian pharma packaging specialist
pharmafile | December 21, 2012 | News story | Manufacturing and Production |Â Â Gerresheimer, TriveniÂ
Glass and plastic packaging specialist Gerresheimer has acquired a majority stake in Indian company Triveni Polymers Pvt in a bid to grow its business in emerging pharma markets.
The German company has not revealed the amount it is paying for the 75% stake in Triveni, a manufacturer of plastic containers and closures for the pharma industry which Gerresheimer said has “a strong track record of more than a decade in production of regulated pharma packaging”.
Gerresheimer has said earlier it wants to expand its business in emerging markets to around €200 million in 2013, up from €100 million in 2010 and an estimated 140 million this year. In the 2011/12 financial year, Triveni generated annual revenues of approximately €20 million.
“This acquisition is well aligned to our strategy of enhancing our footprint in the emerging markets” said Hans-Juergen Wiecha, Gerresheimer’s chief financial officer.
“Triveni is a leading and fast growing company with excellent profitability that provides high value for us. Our global expertise combined with the excellent local manufacturing capabilities of Triveni will speed up our growth in the emerging countries,” he added.
Triveni has more than 300 employees with office in New Delhi and a plant in the nearby city of Kundli, Haryana province.
The business was established in 1979 and Triveni was the first Indian company to get approval from the FDA for crucial Drug Master Files (DMF) for plastic containers and closures, getting the go-ahead in 2005.
The current owners will retain 25% of the shares, among them current managing director Subodh Gupta who will continue to serve in this role. The deal is expected to close before the end of this month.
This is the second acquisition by Gerresheimer in emerging markets this year. In April, the company took over Neutral Glass, an Indian manufacturer of pharma glass packaging products. All told, it now has five plants in South America, six in China and two plants in India, as well as a representative office in Moscow.
Phil Taylor
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