Gerresheimer AG, manufacturer of products for pharma and healthcare industry, today announced the acquisition of majority shareholding in the Indian company Triveni Polymers to further accelerate its growth in the emerging markets.
Gerresheimer will acquire 75% stake in the company and the rest will retained by the promoters of the company. The financial detail of the deal was not available.
Triveni is a manufacturer of plastic containers and closures for the pharma industry with a 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 AG.
Triveni has more than 300 employees with office in New Delhi and with a plant in the nearby city of Kundli (Haryana Province, India). In FY2012, Triveni generated annual revenues of approximately Rs 130 crore (around EUR 20million).
Gerresheimer has five plants in South America, six in China and now two plants in India, as well as a representative office in Moscow, and is well represented in the fast-growing emerging countries, said the company in a release. Gerresheimer’s declared objective is to double revenues in the emerging markets from EUR 100 million in 2010 to EUR 200 million in 2013. In the financial year 2011 Gerresheimer achieved revenues of about EUR 140 million in the emerging markets.