- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Gerresheimer to Sell Life Science Research Business
Gerresheimer today announced that it is to sell its Life Science Research business to Duran group, a portfolio company of One Equity Partners. “We are a leading global provider of pharmaceutical packaging and medical devices. Producing laboratory glassware is not a core business for us and synergies are very limited. Together with our joint venture partner Chase Scientific Glass, Inc., we have decided to sell the business,” said Uwe Röhrhoff, CEO of Gerresheimer AG.
DUESSELDORF, Germany, September 12, 2016 /PRNewswire/ —
- Gerresheimer and Chase Scientific Glass, Inc. are to sell their joint venture (51/49%) Kimble Chase to Duran Group, a portfolio company of One Equity Partners
- Total transaction enterprise value of USD 131m for 100% of the business
In line with its strategy of focusing on packaging and device solutions for pharmaceutical customers, Gerresheimer today announced that it is to sell its Life Science Research business to Duran group, a portfolio company of One Equity Partners. “We are a leading global provider of pharmaceutical packaging and medical devices. Producing laboratory glassware is not a core business for us and synergies are very limited. Together with our joint venture partner Chase Scientific Glass, Inc., we have decided to sell the business,“ said Uwe Röhrhoff, CEO of Gerresheimer AG.
Kimble Chase Life Science and Research Products LLC is based in Rockwood, Tennessee, USA. It is a leading producer of laboratory and scientific glassware. The product portfolio includes reusable laboratory glassware for research, development and analytics, such as beakers, Erlenmeyer flasks and measuring cylinders as well as disposable laboratory products such as culture tubes, pipettes, chromatography vials and other specialty laboratory glassware. Kimble Chase has approximately 760 employees worldwide. It has manufacturing facilities in Rockwood, Tennessee, USA, Rochester, New York, USA, Queretaro, Mexico, Meiningen, Germany, and Beijing, China. Kimble Chase’s annual revenues in financial year 2015 amounted to EUR 100.7m with the majority of sales in North America. Kimble Chase was established in 2007 as a joint venture of Gerresheimer (51%) and Chase Scientific Glass, Inc. (49%) contributing their respective laboratory glassware businesses.
Revenues of the Life Science Research division, Kimble Chase, declined by 2.6% in the first six months of 2016 to EUR 47.8m. At EUR 6.5m, adjusted EBITDA for the first half of 2016 was slightly down compared to the prior-year period.
The total enterprise value for the transaction is USD 131m. The transaction will be an all-cash acquisition. Its closing is subject to regulatory approvals.
Outlook
Assuming the transaction is not closed before end of the financial year (the end of November 2016), Gerresheimer’s expectations for financial year 2016 remain unchanged.
The reported figures in the financial indication are to be adjusted as of the closing date to reflect the disposal of the Life Science Research division as of that date. Gerresheimer reiterates the indication for the financial years 2016 to 2018:
- Average annual organic revenue growth of between 4% and 5% for the period from 2016 to 2018
- Adjusted EBITDA margin of around 22% for financial year 2018
- Capital expenditure of around 8% of revenues
More information about Kimble Chase: https://kimblechase.com/
– cross reference: Full press release is available at: https://www.presseportal.de/nr/9072 –
Gerresheimer AG
Klaus-Bungert-Strasse 4
40468 Düsseldorf
Germany
Jens Kürten
Group Senior Director Communication & Marketing
Phone +49-211-6181-250
Telefax +49-211-6181-241
E-Mail j.kuerten@gerresheimer.com
Internet https://www.gerresheimer.com
SOURCE Gerresheimer AG
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.