Gerresheimer Grows in the Emerging Markets and Acquires Indian Pharma Glass Manufacturer Neutral Glass
DÜSSELDORF, Germany and MUMBAI, India, April 2, 2012 /PRNewswire/ --
Gerresheimer AG, one of the world's leading partners of the pharma and healthcare industry, is committed to growth in the emerging markets. It has acquired a majority shareholding in the Indian company Neutral Glass & Allied Industries Pvt. Ltd. to help it achieve this aim. Having local production operations in the emerging markets is strategically significant for Gerresheimer due to the rapid growth of the pharma sectors there. Gerresheimer already has five plants in South America, seven in China and representative offices in Moscow and Mumbai, providing it with a strong presence in the emerging markets. Now it also has a modern pharma glass production facility in India.
"The Indian pharma market is gaining in international significance and it is growing at an impressive rate. Neutral Glass is a leading manufacturer of high quality glass pharmaceutical packaging products which has achieved profitable growth over recent years. Our acquisition of a majority shareholding in Neutral Glass will help us to strengthen our position in the emerging markets and to drive our growth in India," commented Uwe Röhrhoff, CEO of Gerresheimer AG.
Neutral Glass is a leading manufacturer of pharmaceutical primary packaging made of glass based in Mumbai with a modern moulded glass plant in Kosamba (Gujarat Province, India). Neutral Glass produces pharmaceutical primary packaging products such as glass vials for liquid medications and infusions, as well as injection bottles. Gerresheimer has acquired a 70% stake in the company from the owner family, which has retained 30% of the shares. The signing took place today, the closing is expected in short term. In the 2010/11 financial year, Neutral Glass generated annual revenues of approximately INR 1.0bn (around EUR 15m) and it has some 600 employees. Neutral Glass's quality management systems have been certified as compliant with ISO 9001:2008.
Gerresheimer took over the leading Brazilian manufacturer of pharmaceutical plastic packaging products in March 2011. With five plants in South America, seven in China and the new plant in India, plus representative offices in Moscow and Mumbai, Gerresheimer is well represented in the fast-growing BRIC nations (Brazil, Russia, India and China). Gerresheimer's declared objective is to double revenues in the emerging markets from EUR 100m in 2010 to EUR 200m in 2013. In addition to organic growth, acquisitions such as the Neutral Glass acquisition and the acquisition of the Brazilian company last year will play an important role in taking Gerresheimer closer to achieving its revenue growth objective.
- Cross reference: The press release is available at http://ots.de/AyUB2
Benrather Strasse 18 - 20
Director Corporate Communication & Marketing
SOURCE Gerresheimer AG
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