Corning has acquired Gerresheimer AG’s pharmaceutical glass tubing business
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that Corning Incorporated (NYSE: GLW; “Corning”) has acquired the pharmaceutical glass tubing business of Gerresheimer AG (NYSE: GXI.DE; “Gerresheimer” or the “Company”) for Euro 196 million.
Gerresheimer, headquartered in Düsseldorf, Germany, is a leading global supplier of products and services to the pharma and healthcare industries. Gerresheimer’s borosilicate glass tubing business manufactures products primarily used in the Company’s plants for the manufacture of ampoules, vials, cartridges and glass syringes. As part of its strategy to focus on pharmaceutical packaging solutions, Gerresheimer elected to sell its glass tubing business, with operations in Vineland, New Jersey and Pisa, Italy, to Corning.
As a result of the acquisition, Corning and Gerresheimer will also establish a joint venture to accelerate innovations for the pharmaceutical glass packaging market. Corning will own 75% of this equity venture.
“We think this is a tremendous opportunity to apply Corning’s unique model of innovation and operational excellence to an adjacent market, which is experiencing healthy growth,” said Wendell P. Weeks, Corning’s chairman, chief executive officer and president. “It enables us to bring revolutionary new technologies to the pharmaceutical glass packaging market with Gerresheimer, a long-standing leader in the industry. There are also a number of near-term cost synergies with our global melting and forming operations. as well as future sales synergies with our existing life sciences customers.”
Lincoln acted as the exclusive financial advisor to Corning on this transaction.
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