Bilcare to buy INEOS’ unit for Rs 607 cr

Pharma solutions provider Bilcare AG said that it has entered into a binding agreement...

Pharma solutions provider Bilcare AG today said that it has entered into a binding agreement with INEOS Group to acquire its Global Films business for Rs 607-crore.

INEOS,a leading pharma and specialty films business with annual sales of Rs 1,458-crore,has entered into the agreement to bring together complimentary capabilities and synergies of two leading global businesses,a press release issued here stated.

“This acquisition is a paradigm shift in the pharma packaging space and a significant step towards creating a customer-centric company to deliver path-breaking innovations and establish global leadership,” Bilcare’s Chairman,Mohan Bhandari,said.

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The deal comprises the business,assets and personnel related to INEOS’ Films operations located in north America,Europe and Asia.

“Bringing together Bilcare’s research and development focus with our own broad production and application knowledge provides a very strong strategic fit. This agreement 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 CEO,Iain Hogan,said.

The transaction 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 by the end of August.