Germany’s Gerresheimer AG, a specialist in advanced glass and plastic products, has acquired 75 per cent stake in Delhi-based Triveni Polymers Pvt Ltd for an undisclosed amount.
As per the deal, Triveni promoters will retain 25 per cent stake in the company and the current managing director, Subodh Gupta, will continue to serve in his position. The deal is expected to be closed this month.
“Triveni’s special product portfolio complements Gerresheimer’s plastic packaging range and will enable us to support our customers better,” said Gupta.
Founded in 1979, Triveni Polymers has been manufacturing plastic containers for more than 30 years. It currently employs 300-plus people and has a manufacturing plant in Kundli, Haryana. In FY2011-12, the firm generated annual revenue of around Rs 130 crore.
“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. 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 AG.
BMR Advisors was the sole transaction advisor to Triveni.
Headquartered in Düsseldorf, Gerresheimer AG is a global player, catering to the pharma and healthcare industry. Its product portfolio ranges from pharmaceutical vials to complex drug delivery systems such as syringes, insulin pens and inhalers for safe medication dosage and application. The firm has revenues of around €1 billion and employs around 11,000 people across 47 locations in Europe, North & South America, and Asia. The firm runs its business across four divisions – namely, tubular glass, moulded glass, plastic systems and life science research.
In April this year, Gerresheimer AG acquired 70 per cent stake in Mumbai-based Neutral Glass and Allied Industries Pvt Ltd for an undisclosed amount.
(Edited by Sanghamitra Mandal)
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