Neutral Glass provides further growth in emerging markets
German plastic and glass packaging manufacturer Gerresheimer has taken a 70% shareholding in Indian firm Neutral Glass & Allied Industries to help its growth in emerging markets.
The owner of the Mumbai, Gujarat-based firm has retained the remaining 30% of the shares.
With this strategic acquisition, Gerresheimer obtains a modern pharmaceutical glass production facility in Kosamba, India.
The move adds to Gerresheimer’s presence in emerging markets, complementing its five plants in South America, seven in China, plus representative offices in Moscow and Mumbai. This latest deal will be concluded shortly.
‘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,’ said Gerresheimer’s chief executive Uwe Röhrhoff.
Neutral Glass produces pharmaceutical primary packaging products such as glass vials for liquid medications and infusions, as well as injection bottles. It produces around 800 million bottles a year.
In the 2010/11 financial year the firm generated annual revenues of around €15m. It employs around 600 people.
Gerresheimer aims to double revenues in the emerging markets from €100m in 2010 to €200m in 2013. Last year it acquired the pharmaceutical plastic packaging firm Védat, based in Sao Paulo, Brazil.