AptarGroup to acquire Stelmi Group for €165m
Expands into a new area of primary packaging components for injectables
AptarGroup has agreed to purchase the Stelmi Group, a maker of elastomer primary packaging components for injectable drug delivery, for €165m (US$207m) in cash, expanding its portfolio of solutions for the pharmaceutical industry.
The transaction, which is subject to certain regulatory approvals, is expected to close in the third quarter of this year.
Established in 1964, Stelmi operates two manufacturing plants in the Normandy region of France near Aptar’s existing pharma facilities and also has an r&d centre near Paris.
Stelmi had revenues of approximately €83m ($104m) in 2011 and has achieved EBITDA (earnings before interest, taxes, depreciation and amortisation) margins of 21–25% over the past three years.
Commenting on the transaction, Steve Hagge, president and ceo of AptarGroup, said the acquisition fits with the firm’s long-term strategy to enter new markets and applications and to seek out opportunities in the pharmaceutical and biotech industries.
‘With this transaction, we are entering a new area which is primary packaging components used in the injectable drug delivery market,’ he said.
‘There is proprietary know-how in the formulation and manufacturing process surrounding elastomer primary packaging components for pharmaceutical applications.’