CRYSTAL LAKE, ILL. (Oct. 27, 4:30 p.m. ET) — AptarGroup Inc. acquired dispensing-closure licensee TKH Plastics Pvt. Ltd. in a South Asia regional expansion.
In buying the Hyderabad, India, injection molder, AptarGroup paid about $17 million in cash and assumed debt of $1 million.
TKH, which had annual sales of about $8 million, began serving the Indian personal care, food and beverage markets in 2000, collaborated over the years with AptarGroup and became a licensee of the firm's dispensing closure products in 2006.
The TKH deal was disclosed on Oct. 26 in a financial report. The transaction closed on Oct. 1.
AptarGroup views India as a growing market prompting expansion of the company's footprint.
Separately in Mumbai, India, AptarGroup is completing a clean room-equipped pharmaceutical device facility that is expected to be fully operational at the beginning of 2012.
“The acquisition allows us to better serve our personal care, food and beverage customers, and the clean-room facility will enable us to provide locally produced delivery devices to our pharmaceutical customers,” Peter Pfeiffer, AptarGroup president and CEO, said in a statement.
Publicly traded AptarGroup specializes in both dispensing closures and pumps for cosmetic, personal-care, household, food and beverage and pharmaceutical products.
Crystal Lake, Ill.-based AptarGroup reported profit of $49.2 million on sales of $601.2 million for the third quarter ended Sept. 30.