Our News Bureau – Mumbai
Gerresheimer, one of the world’s leading suppliers to the pharma and healthcare industry, signed an agreement to acquire a 70 per cent shareholding in Gujarat-based company Neutral Glass & Allied Industries. The promoters of Neutral Glass will retain 30 per cent of the shares. With this strategic acquisition, Gerresheimer obtains a modern pharma glass production facility in India. The takeover is expected to conclude shortly.
“We are investing in India at a time when its pharma sector is gaining international significance on the back of sustained high growth rates. This acquisition significantly broadens our production facilities, customer base and our distribution capabilities there. We look forward to sharing our expertise and technology,” said Uwe Roehrhoff, Chief Executive Officer, Gerresheimer.
Satish Mody, General Manager, Neutral Glass said, “Neutral Glass is a leading manufacturer of high quality glass pharma packaging products which has achieved profitable growth over recent years. In Gerresheimer, we found an ideal partner for future expansion. We are looking forward to cooperate with a global sector leader known to set standards in terms of quality and innovation.”