German firm, Gerresheimer AG, has acquired a 75 per cent stake in the Delhi-based firm Triveni Polymers for an undisclosed amount.
"Gerresheimer acquires a 75 per cent stake in the company. The owners retain 25 per cent of the shares. Among them, the current managing director, Subodh Gupta, will continue to serve in this position," Gerresheimer AG said today.
The company did not give the value of the transaction. "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 a high value for us," Gerresheimer AG CFO Hans-Jürgen Wiecha said.
He added the company's global expertise, combined with the local manufacturing capabilities of Triveni, will speed its growth in emerging countries.
Gerresheimer, which makes specialty products of glass and plastic for the global pharma and health care industry, employs 10,000 persons at 47 locations in Europe, North and South America and Asia.
Triveni Polymers is a leading producer of pharmaceutical plastic packaging, with 300 employees and a plant in Kundli (Haryana). The company manufactures plastic containers and closures for the pharma industry. "Triveni’s product portfolio complements Gerresheimer's plastic packaging range and will enable us to better support our customers in their business," Triveni Managing Director Subodh Gupta said. Gerresheimer has five plants in South America, six in China and now two in India.
The company's 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. Earlier this year this year, the company had acquired Neutral Glass, an Indian manufacturer of pharmaceutical glass packaging products.