MEDIA RELEASE PR40652
Bilcare AG to Acquire INEOS' Global Films Business for EUR100 Million
LAUSANNE, Switzerland, August 2 /PRNewswire-AsiaNet/ --
INEOS Group has today entered into a binding agreement for the sale of
its Global Films business to Bilcare AG, one of the world's leading providers
of research led packaging to the global pharmaceuticals industry, for
approximately EUR100 million. The agreement brings together complimentary
capabilities and synergy's of two leading global businesses.
INEOS Films is a leader in the Pharma, Specialties, Cards and Packaging
Films business; Bilcare is the foremost solution provider of innovative
packaging to the global pharmaceuticals for their brand safety and growth.
The deal comprises the business, assets and personnel related to INEOS'
Films operations located in North America, Europe, and Asia.
Iain Hogan, CEO INEOS Films, warmly welcomed the announcement. "I am very
excited by the potential created by the combination of these two companies.
Bringing together Bilcare's research and development focus with our own broad
production and application knowledge provides a very strong strategic fit.
"Whilst performing well, the INEOS Films business is no longer core to
the INEOS Group as the company focuses its attention on its large-scale
petrochemicals businesses. This agreement with Bilcare will put INEOS Films
assets and people at the centre of a new business with the innovation and
drive necessary for it to grow and further develop, which is good for the
business and its customers globally."
INEOS Films is a leading global producer of high quality polymer films
built on expertise and innovation. The company plays a major role in the
world of pharmaceutical blister packaging, films for printing and decoration,
shrink film for sleeves, capsules and plastic credit cards. The company
employs around 1300 people across manufacturing sites in Germany, Italy,
India and North America and has a turnover of around EUR240 million.
Mohan Bhandari, Chairman, Bilcare Limited said, "This acquisition is a
paradigm shift in the pharma packaging space & a significant step towards
creating a customer centric company to deliver path breaking innovations and
establish global leadership".
The newly appointed Executive Chairman of Bilcare AG, Dr. Heinz Gaertner
said, "This transaction presents a unique opportunity and enhances our offer
to apply our innovation led approach to a broad range of industries,
currently served by INEOS Films, particularly in Europe and USA."
The transaction inter alia, is proposed to be effected through a merger
process in Germany, in relation to the German company and its subsidiaries.
The transaction is expected to be completed at the end of August, subject to
necessary regulatory filings and approvals, including German Court and
approvals under applicable antitrust laws and regulations.
Note:
companies; a leading manufacturer of petrochemicals, specialty chemicals and
oil products. Comprising 15 businesses, with a production network spanning 60
manufacturing facilities in 13 countries, the company produces more than 40
million tonnes of petrochemicals, 20 million tons per annum of crude oil
refined products (fuels). INEOS employs 15,000 people and had sales of
$28.6bn in 2009.
international, integrated service provider to the global pharmaceutical
industry offering Pharma packaging & research, global clinical trial supplies
services and Bilcare Technologies offering nonClonableID(TM) identification,
authentication, secure track-n-trace anti-counterfeiting technology. Bilcare
operates state-of-the-art manufacturing and research facilities in India,
Singapore, USA and UK and has regional offices in Brazil, Germany, China and
Australia. Bilcare provides solutions that address many of the industry's key
concerns including counterfeit drugs, compliance, costs, communication and
convenience.
Further information contact:
Richard Longden - INEOS - Tel: +44(0)7710-371998
Jaydip Chowdhury - Bilcare - Tel: +91-99224-29719
Source: INEOS Group
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