Gerresheimer has acquired a majority stake in the Indian company Triveni, a manufacturer of plastic containers and closures for the pharma industry, for an undisclosed sum.
Gerresheimer CFO Hans-Jürgen Wiecha said the acquisition is properly aligned to the company’s strategy of improving its footprint in the emerging markets.
"Our global expertise combined with the excellent local manufacturing capabilities of Triveni will speed up our growth in the emerging countries," Wiecha said.
German glass and plastic products manufacturer Gerresheimer will acquire a 75% stake in Triveni for an EBITDA multiple of about 10 times.
The acquisition is expected to close in December 2012.
Gerresheimer, which acquired Indian manufacturer of pharmaceutical glass packaging products Neutral Glass in April 2012, has five plants in South America, six in China and two plants in India currently.