Pharmaceutical Packaging Gerresheimer Acquires Indian Pharmaceutical Packaging Firm
Gerresheimer, a supplier company to the pharmaceutical industry, takes it second step on the Indian market buy acquiring a majority share in the Indian pharmaceutical supplier Triveni. This acquisition shall help to strengthen the company's presence on the emerging markets, Gerresheimer CFO Wiecha explained.
New Delhi/India – “This acquisition is well aligned to our strategy of enhancing our footprint in the emerging markets. 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,” commented Hans-Jürgen Wiecha, CFO of Gerresheimer.
Triveni polymers produces pharmaceutical plastic packaging with 300 employees in the area of New Delhi, India. Established in 1979 it was the first Indian company in 1995 to get approval by the American FDA (Food and Drug Administration) for crucial Drug Master Files (DMF) for plastic containers and closures. In the 2011/12 financial year, Triveni generated annual revenues of approximately 1.3 billion Rupees (around € 20 million).
Second Acquisition for Gerresheimer in India
Gerresheimer acquires a 75% stake in the company for an EBITDA multiple of approximately 10 times. The owners retain 25% of the shares, among them the current managing director who will continue to serve in this position. Closing of the acquisition is expected still in December 2012.
In April 2012 Gerresheimer took over Neutral Glass, a leading Indian manufacturer of pharmaceutical glass packaging products. With five plants in South America, six in China and now two plants in India, as well as a representative office in Moscow, Gerresheimer is well represented in the fast-growing emerging countries. Gerresheimer’s declared objective is to double revenues in the emerging markets from € 100 million in 2010 to € 200 million in 2013. In the financial year 2011 Gerresheimer achieved revenues of about € 140 million in the emerging markets.