Triveni manufactures plastic containers and closures for the pharma industry
Gerresheimer has taken a majority shareholding in the Indian company Triveni to further accelerate its growth in emerging markets.
The German manufacturer of glass and plastic packaging says Triveni is a leading manufacturer of plastic containers and closures for the pharma industry with more than a decade of experience of producing 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,’ said Hans-Jürgen Wiecha, CFO of Gerresheimer.
This acquisition is well aligned to our strategy of enhancing our footprint in the emerging markets
Triveni has more than 300 employees, an office in New Delhi and a plant in the nearby city of Kundli, Haryana Province. Established in 1979 it was the first Indian company in 1995 to be approved by the US FDA for Drug Master Files for plastic containers and closures.
In the 2011/12 financial year, the company reported annual revenues of approximately INR1.3bn (around w20m). Gerresheimer has acquired a 75% stake in the company for an EBITDA multiple of approximately 10 times. The owners retain 25% of the shares, among them the current managing director who will continue in this position. The acquisition is expected to close this month (December).
This is Gerresheimer’s second acquisition in India this year. In April, the company took over Neutral Glass, a manufacturer of pharmaceutical glass packaging products.
With five plants in South America, six in China two in India, as well as a representative office in Moscow, Gerresheimer is well represented in the fast-growing emerging countries. The company aims to double revenues in emerging markets from w100m in 2010 to w200m in 2013. In 2011 Gerresheimer reported sales of about w140m in these countries.