German company Gerresheimer AG, on Tuesday, said it had acquired 75 per cent stake in the Delhi-based Triveni Polymers for an undisclosed amount.
“Gerresheimer has acquired a 75 per cent stake in the company. The owners retain 25 per cent of the shares .. among them the current managing director Subodh Gupta will continue to serve in this position,” Gerresheimer AG said in a statement here. The company, however, did not provide the value of the transaction.
He said the company’s global expertise combined with the local manufacturing capabilities of Triveni would speed up its growth in emerging countries. Gerresheimer, which makes specialty products made of glass and plastic for the global pharma and healthcare industries, employs around 10,000 persons at 47 locations in Europe, North and South America and Asia.
Triveni Polymers is a leading producer of pharmaceutical plastic packaging firm with more than 300 employees and a plant in Kundli (Haryana). “Triveni’s special product portfolio ideally complements Gerresheimer’s plastic packaging range and will enable us to better support our customers in their business,” Mr. Gupta said. Gerresheimer has five plants in South America, six in China and now two plants in India.