German firm acquires 70% stake in Neutral Glass

Gerresheimer AG, a German supplier of pharma and healthcare products has acquired 70 per cent stake in the Indian bottles maker Neutral Glass & Allied Industries Pvt Ltd for an undisclosed sum.

Post acquisition, the promoters of Neutral Glass will retain 30 per cent of the holding in the company, an official statement informed.

Neutral Glass is based in Mumbai and has a moulded glass plant in Kosamba in Gujarat. The plant produces about 800 million bottles annually for type I &III pharmaceutical applications, like amber and flint vials and bottles for liquid oral medications and infusions, as well as injection bottles.

 

According to a statement issued by Gerresheimer, for the financial year 2010-11, Neutral Glass revenues stood at approximately Rs 100 crore (around EUR 15 million). The company, established in 1986 employs around 600 employees.

Gaining a modern production platform in India is strategically significant for Gerresheimer’s global expansion.

The company already has five plants in South America, seven in China and representative offices in Moscow and Mumbai, presenting it with a strong presence in Emerging Markets with very dynamic pharma sectors.

"We are investing in India at a time when its pharma sector is gaining international significance on the back of sustained high growth rates. This acquisition significantly broadens our production facilities, customer base and our distribution capabilities there. We look forward to sharing our expertise and technology," said Uwe Roehrhoff, CEO of Gerresheimer.

Gerresheimer’s declared objective is to double revenues in emerging markets from EUR 100 million in 2010 to EUR 200 million in 2013.