NEW DELHI: Gerresheimer AG, a leading German packaging company, has acquired 75% stake in Triveni Polymers Private Limited which is a producer of plastic containers and closures for the pharma industry. The amount for the deal is yet to be disclosed.
Triveni Polymers is a manufacturer of pharmaceutical plastic packaging in India with over 300 employees. The office is headquartered in New Delhi and with a plant in the nearby city of Kundli, Haryana. The firm has an installation capacity of 5700 MTPA and generates an annual revenue of approximately Rs 130 crore.
“This acquisition is well aligned to our strategy of enhancing our footprint in the emerging markets. Triveni is a leading and fast-growing company with excellent profitability that provides a 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,” said Hans-Jürgen Wiecha, CFO of Gerresheimer AG.
Gerresheimer AG was established in the year 1864 and it boasts of manufacturing specialty products that are made of glass and plastic for the global pharma and healthcare industry. The company operates in four divisions, Tubular Glass, Moulded Glass, Plastic Systems and Life Science Research. The global player is headquatered in Düsseldorf. It employs over 10,000 employees at 46 locations in Europe, North and South America and Asia.
Earlier this year, the German company had acquired 70% stake in Gujarat-based Neutral Glass & Allied Industries.