Gerresheimer to sell Life Science Research business
Düsseldorf (ots) -
- cross reference: Full press release is available at:
http://www.presseportal.de/nr/9072 -
- 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.
- cross reference: Full press release is available at:
http://www.presseportal.de/nr/9072 -
- 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.
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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: http://kimblechase.com/
Originaltext: Gerresheimer AG
digital press kits: http://www.presseportal.de/nr/9072
press kits via RSS: http://www.presseportal.de/rss/pm_9072.rss2
ISIN: DE000A0LD6E6
Contact:
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 www.gerresheimer.comPress
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: http://kimblechase.com/
Originaltext: Gerresheimer AG
digital press kits: http://www.presseportal.de/nr/9072
press kits via RSS: http://www.presseportal.de/rss/pm_9072.rss2
ISIN: DE000A0LD6E6
Contact:
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 www.gerresheimer.comPress
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