Swiss materials and specialty chemicals company Clariant AG has agreed to sell its healthcare packaging business to New York-based private equity firm Arsenal Capital Partners for a consideration of 308 million Swiss francs ($314 million).
Subject to required approvals, the transaction is expected to close in the fourth quarter of 2019 and amounts to 13.2 times of Clariant's earnings before interest, taxes, depreciation and amortization (EBITDA) in 2018, the Swiss firm announced July 22.
Clariant's health care packaging business offers "active healthcare packaging" which includes solutions for protecting pharmaceutical products from moisture and oxygen.
The solutions include customizable, drop-in canisters and packets, integrated desiccant systems and specially-designed plastic bottles containing oxygen barrier materials.
The business unit employs 600 people across five production plants in the U.S., France, India and China and registered sales of 135 million Swiss francs ($137 million) in 2018.
Clariant has not offered a reason for the divestment decision.