Injection molder Gerresheimer AG has acquired a majority share of Triveni Polymers Ltd. Pvt., an Indian manufacturer of plastic containers and closures for the pharmaceutical industry.
Gerresheimer bought a 75 percent stake in the company for a multiple of about 10 times earnings before interest, taxes, depreciation and amortization, although exact terms were not disclosed.
Triveni's owners will retain 25 percent of the company's shares. One of the owners also will retain his position as managing director, Gerresheimer said. The deal was set to close last month.
The acquisition will speed up Gerreshmeimer's growth in emerging countries, said Chief Financial Officer Hans-Jürgen Wiecha.
New Delhi-based Triveni has annual sales of about 1.3 billion rupees ($26 million), according to Gerresheimer.
Triveni was founded in 1979. In 1995, it became the first Indian company to submit drug master files for packaging materials to the U.S. Food and Drug Administration, according to a news release from Gerresheimer.
Triveni has more than 300 employees and a plant in Kundli with extrusion blow molding and injection blow molding capabilities. In addition to pharmaceuticals, Triveni makes packaging for markets including personal care and cosmetics, food and beverage, home care, and lubricants and chemicals, according to the company's website.
Gerresheimer, based in Düsseldorf, Germany, makes glass and plastic specialty products for the pharmaceutical and health-care industries. The firm has about 11,000 employees across 47 locations in Europe, North and South America, and Asia, and annual sales of about 1 billion euros ($1.3 billion).
In April, Gerresheimer acquired Neutral Glass, an Indian manufacturer of glass pharmaceutical products.
