Gerresheimer buys another Indian firm

German medical/pharma products processor Gerresheimer has acquired a majority (75%) shareholding in Indian company Triveni to further accelerate its growth in the emerging markets. Triveni is a leading manufacturer of plastic containers and closures for the pharma industry with a strong track record of more than a decade production of regulated pharma packaging.

“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 has been involved in pharmaceutical plastic packaging in India, with more than 300 employees with office in New Delhi and with a plant in the nearby city of Kundli (Haryana Province, India), since 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 EUR20 million.

Gerresheimer has acquired a 75% stake in the company for an EBITDA multiple of approximately ten times. The owners of Triveni 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 EUR100 million in 2010 to EUR200 million in 2013. In the financial year 2011 Gerresheimer achieved revenues of about EUR140 million in the emerging markets.


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