Pharma and healthcare packaging specialist manufacturer Gerresheimer has acquired the majority shareholding in India-based pharma plastic packaging manufacturer Triveni.
As a leading manufacturer of plastic containers and closures for the pharma industry in India, Triveni has a strong track record of more than a decade production of regulated pharma packaging.
“This acquisition is well aligned to our strategy of enhancing our footprint in the emerging markets,” says Gerresheimer CFO Hans-Jürgen Wiecha.
“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.”
Germany-based Gerresheimer will hold a 75% stake in the company, with the owners retaining 25% of the shares – among them the current managing director who will continue to serve in the position.
Established in 1979, Triveni Polymers Ltd employs more than 300 people, with an office in New Delhi and a plant in the nearby city of Kundli (Haryana Province, India).
In the 2011/12 financial year, Triveni generated annual revenues of approximately INR 1.3bn (about €20m).
In April 2012 Gerresheimer took over Neutral Glass, a leading Indian manufacturer of pharmaceutical glass packaging products.
With a declared objective of doubling revenues in emerging markets from €100m in 2010 to EUR 200m in 2013, Gerresheimer says it is “well represented” in the fast-growing emerging countries, with five plants in South America, six in China and now two plants in India, as well as a representative office in Moscow.
