True to its plans to continue growing its Medical Plastics business (see Plasteurope.com of 10.12.2012), Gerresheimer (Düsseldorf / Germany; www.gerresheimer.com) on 18 December 2012 announced that it had acquired a 75% stake in Indian pharmaceutical plastic container and closure manufacturer Triveni Polymers (New Delhi; www.trivenipolymers.com). Financial details of the deal, which is expected to be completed before 2012 comes to an end, were not disclosed. The German group did specify, however, that the purchase amounted to an EBITDA multiple of about 10 of what Triveni generates.

Founded in 1979, Triveni Polymers employs more than 300 workers at group HQ in New Delhi as well as its nearby plant in Kundli, Haryana. Annual revenues came to EUR 20m in financial 2011/12. The remaining 25% share in the company will remain with the existing owners, including the company’s managing director, who will stay on in his position, Gerresheimer said.

The acquisition is part of the German group’s strategy to invest in emerging markets, where it plans to double its revenues from EUR 100m in 2010 to EUR 200m in 2013. In line with these plans, Gerresheimer in April acquired Indian pharmaceutical glass packaging producer Neutral Glass. Aside from the Indian subcontinent, the group is also active in other emerging economies, including in Latin America, Russia as well as China, where it recently expanded its medical portfolio – see Plasteurope.com of 06.09.2012.