This acquisition expands AptarGroup’s portfolio of solutions that it provides to the pharmaceutical industry.
“With the strong innovation cultures of both companies, and potential to leverage Aptar’s broad geographic presence and commercial strength, we are excited about the growth potential for Stelmi.”
Under the terms of the agreement, AptarGroup will acquire Stelmi for an enterprise value of approximately €165m.
The purchase will be financed with available cash. The transaction, which is subject to certain regulatory approvals, is expected to close in the third quarter of this year.
Established in 1964, Stelmi operates two manufacturing plants located in the Normandy region of France near Aptar’s existing pharma facilities and also has an R&D centre located near Paris.
Stelmi had revenues of approximately €83m in 2011 and has achieved EBITDA (earnings before interest, taxes, depreciation and amortisation) margins that were in the range of 21-25% over the past three years.
Steve Hagge, president and CEO said: “With this transaction, we are entering a new area which is primary packaging components used in the injectable drug delivery market.
“There is proprietary know-how in the formulation and manufacturing process surrounding elastomer primary packaging components for pharmaceutical applications.”
Source: AptarGroup
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