Laboratory glassware production is not a core business for the German manufacturer of pharma packaging and medical devices
Gerresheimer is to sell its life science research business, Kimble Chase Life Science and Research Products, to Duran group, a portfolio company of One Equity Partners, in a deal worth $131 million.
In future, the German firm will focus on packaging and medical devices for pharmaceutical customers.
Uwe Roehrhoff: 'Producing laboratory glassware is not a core business for us and synergies are very limited'
'Producing laboratory glassware is not a core business for us and synergies are very limited,' said Uwe Röhrhoff, CEO of Gerresheimer.
'Together with our joint venture partner Chase Scientific Glass, we have decided to sell the business.'
Kimble Chase is based in Rockwood, Tennessee, US.
The firm was established in 2007 as a joint venture of Gerresheimer (51%) and Chase Scientific Glass (49%).
It produces laboratory and scientific glassware for research, development and analytics, such as beakers, Erlenmeyer flasks and measuring cylinders.
It also manufactures disposable laboratory products such as culture tubes, pipettes, chromatography vials and other specialist laboratory glassware.
Kimble Chase has around 760 employees worldwide, with manufacturing facilities in Rockwood, as well as in Rochester, New York, US, plus Queretaro, Mexico, Meiningen, Germany, and Beijing, China.
Annual revenue in 2015 was €100.7m with the majority of sales in North America.
Revenue declined by 2.6% in the first six months of 2016 to €47.8m. At €6.5m, adjusted EBITDA for the first half of 2016 was slightly down compared with the prior-year period.