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    Ineos sells films business to Bilcare-News-Zhejiang Haihong Hydraulic Technology Co., Ltd.

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    Ineos sells films business to Bilcare-News-Zhejiang Haihong Hydraulic Technology Co., Ltd.

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    Ineos sells films business to Bilcare

    Date:2017-08-26 16:56:16View:

    Ineos Group has agreed to sell its global films business to Bilcare, the Indian-based group which provides pharmaceutical packaging which enables drug stabilization and protection. The transaction price is approximately €100m.

    The deal comprises the business, assets and personnel related to Ineos Films operations located in North America, Europe, and Asia. The two companies said the agreement “brings together complimentary capabilities and synergies of two leading global businesses”.

    Iain Hogan, CEO of Ineos Films, said: “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 manufactures products for pharmaceutical blister packaging, films for printing and decoration, shrink film for sleeves, capsules and plastic credit cards. The company employs around 1,300 people across manufacturing sites in Germany, Italy, India and North America. It has the capacity to produce around 140,000 tonnes of films per annum and has a turnover of around €240m.

    Bilcare offers pharma packaging and research, global clinical trial supplies services and has particular expertise in anti-counterfeiting technology. Its manufacturing and research facilities are in India, Singapore, USA and UK.

    Mohan Bhandari, chairman of Bilcare 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 transaction will take the form of a merger process in Germany, in relation to Ineos Films’ German company and its subsidiaries. The companies said 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.

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